Malaysian stock market value close to overtaking Singapore on glove gains

KUALA LUMPUR - Thanks to meteoric gains in glove-maker stocks, Malaysia's equity market capitalisation is close to surpassing that of its richer neighbour Singapore.

"This is a reflection of the relative fortunes of the two economies and this divergence may continue for a while," said Mr Nirgunan Tiruchelvam, head of consumer equity research at Tellimer who has been tracking the region's markets for decades."Malaysia has integrated manufacturing industries like glove makers", while Singapore's economy is based on finance and property, he added.

In fact, Top Glove on Thursday unseated Public Bank to become the second most valuable stock on Malaysia's equity benchmark, after the former's stock surged more than 440 per cent. Another glove producer, Supermax, has leapt more than 1,100 per cent this year.

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