The week that was – Gloves, airways, Dow Jones
SHARES in Prime Glove Corp Bhd buckled this week as the corporate’s sprawling manufacturing website in Klang, Selangor was put below enhanced motion management order (EMCO) for 2 weeks since Nov 17 following a surge in new Covid-19 instances.
Prime Glove stated the short-term closure, affecting 28 services that accounted for 50% of its whole annual manufacturing capability of 90 billion items, might be performed in phases to permit all its staff to get examined.
The corporate anticipated the stoppages to trigger supply delays to clients and forecast a 3% hit on its income for the 12 months ending Aug 31,2021 (FY21).
Shares in Prime Glove have fallen 28% from its Oct 19 peak of RM9.60 to RM6.92 at mid-day yesterday.
In the meantime, shares of different glove producers have been additionally below strain this week because the progress within the growth of Covid-19 vaccines decreased buyers’ urge for food for protecting gear makers.
Prime Glove’s chairman Tan Sri Lim Wee Chai informed reporters on Wednesday that he anticipated demand for examination gloves to double when the vaccines are prepared by year-end.
“Examination gloves are needed to inject vaccines. The world needs to produce seven billion vaccines and will need seven billion pairs of gloves, ” he stated.
Airlines face deeper losses
AIRLINES world wide will lose a mixed US$157bil in 2020 and 2021 to the Covid-19 pandemic, in accordance with the most recent projection by the Worldwide Air Transport Affiliation (IATA).
The losses are virtually 60% greater than what it had forecast in June and 5 occasions the deficit racked up in the course of the 2008-2009 recession.
IATA on Tuesday known as the disaster “devastating and unrelenting.”
The forecast comes as airways cling to hopes that passenger-testing mixed with the roll-out of Covid-19 inoculations subsequent 12 months will spur governments to ease journey restrictions.Individually AirAsia Group, posted a internet lack of RM851mil within the three-month ended Sept 30, as nine-month losses widened to RM2.66bil.
Regardless of the huge deficit, the finances service remained assured about its capability to emerge stronger subsequent 12 months.
“While we are hopeful that lockdowns and border restrictions will soon be lifted, we are prepared to maintain sustainable operations solely on the back of our domestic sectors into 2021 if restrictions remain, ” it stated.
Dow Jones tops 30,000 points
THE Dow Jones Industrial Common (DJIA), the world’s most widely-watched stock market barometer, topped 30,000 points for the primary time on Tuesday.
The DJIA had risen by about 11% in November, because the market look past the present Covid-19 pandemic with progress within the growth of vaccines buoyed buyers’ shopping for temper.
Market information on CNN.