PETALING JAYA: Bursa Malaysia yesterday issued an unusual market activity query to Integrated Rubber Corp Bhd due to the high volume and price in the company’s shares recently.
The counter, which hit a limit-up in early trade, was yesterday’s most active with 76.5 million shares traded. It closed up 5 sen at RM1.61.
In its reply to the query, Integrated Rubber said after having made due enquiry with the directors and major shareholders, it was not aware of any reasons which may have contributed to the situation.
Integrated Rubber is principally involved in manufacturing and trading of powdered and powder-free natural rubber latex and nitrile examination gloves, which are used widely in hospitals, nursing homes, industrial plants and food handling processes.
TA Securities analyst Kaladher Govindan said the surge in the company’s share price was not surprising, given that there had been an increase in demand for rubber glove stocks. “There is a global shortage of rubber gloves, and with Malaysia being a rubber supplier, investors are rallying to purchase rubber stocks and Integrated Rubber is no exception.”
OSK Research in a recent research note said there was expected to be robust demand for rubber gloves in 2010.
(biz.thestar.com.my)
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