KUALA LUMPUR: Malaysian stocks are set to enter bull territory as glove makers extend their record rally.
The country is home to the world’s biggest glove makers Top Glove Corp and Hartalega Holdings Bhd, which have surged in recent weeks due to rising demand for protective equipment during the global coronavirus pandemic. The country has since reported a surprise expansion in the first quarter, unveiled a stimulus package and allowed nearly all business sectors to reopen from early May, which are set to bolster the economy.
If Malaysia can continue to see lower double-digit or even single-digit daily increases in cases, the government may ease more of the lockdown restrictions that have been in place since March, health director-general of Dr Noor Hisham Abdullah said on Thursday.
2% of the total companies are doing well due to demand of health related needs and the Malaysian analyst expect the other sectors comprising of 98% of the market to get a bullish increase. Either they are trying to cheerlead the market hoping for a growth or they are plain liars.