September 18, 2024 - The stock price of the glove company declined today, and trading volume surged significantly compared to last week. $TOPGLOV (7113.MY)$ fell 8.77% to RM1.04 with a turnover of RM92.98 million; $KOSSAN (7153.MY)$ fell 7.11% to RM2.07 with a turnover of RM36.95 million.
The U.S. plans to increase tariffs on Chinese glove imports, which led to a boost in Malaysian glove stocks yesterday. The U.S. Trade Representative announced that tariffs will rise to 50% in January, up from the current 7.5%, and are expected to further climb to 100% by January 2026. This represents a significant increase from the 25% level that was previously indicated by President Biden's administration for May 2026. This move is likely to ease competition for Southeast Asian manufacturers.
