The shares of a number of medical suppliers in Singapore have increased this month, coinciding with a renewed increase in the number of daily international Covid-19 infections. Singapore-listed shares of Top Glove, the world’s largest manufacturer of medical gloves, rose 18.4% from its closing price on Thursday, March 31st. The company’s shares in Malaysia, where it is primarily based, rose 24.3% over the same period.
These stocks all outperformed the Straits Times benchmark index, which rose 0.7% between March 31 and Thursday. They were also among the top 100 most traded stocks in the Singapore market for those 12 months. Geoff Howie, market strategist on the Singapore Stock Exchange, directed CNBC via email.
Howie said an increase every day confirmed the existence of Covid-19 cases and that vaccine safety issues may have driven buyers’ aspirations into these stocks. Globally, the seven-day shift reported on every day that Covid cases hit a report of more than 797,500, according to CNBC’s assessment based on the knowledge gathered by Johns Hopkins University. A major contributing factor to the surge is an increase in the number of daily reported cases in India, the information confirmed.
Shifting the averages offsets the large peaks and troughs of daily knowledge that may be due to the availability of studies or the frequency of reporting. In total, there were more than 143 million cases of the coronavirus and about 3 million deaths worldwide as of Wednesday, Hopkins confirmed.
The rise in cases has also occurred as advances in Covid vaccination vary widely between wealthy and poor international locations in what the World Health Organization has dubbed a “shocking imbalance”. Ben May, director of global macro analysis at consultancy Oxford Economics, said the recent spike in Covid infections is “clearly a major public health concern,” but did not yet outweigh the global economic system.
“At the moment, the surge in cases appears to be partly due to a growing desire by governments and individuals to return to normal. If so, a higher number of cases does not necessarily indicate weaker activity in the future, ”he wrote in a report released Monday. May added that the financial outlook could become even more uncertain if the surge in Covid infections kills additional attempts to reopen economies or leads to more voluntary social distancing between people.