After a four-day drop last week exacerbated by Macquarie Bank Ltd’s downgrade of the stock, the world’s biggest maker of rubber gloves jumped as much as 13% today following a 20% gain on Friday, helped by a RM200 million share buyback.

Macquarie had cited concerns earnings may have peaked. Hartalega Holdings Bhd has rebounded 11% over two days, while Supermax Corp soared 37% in the same period to snap an eight-day, 45% plunge.

“Concerns on a decline in average selling prices remain unwarranted at this juncture,” said Walter Aw, an analyst at CGS-CIMB Securities Sdn Bhd in a note on Friday.

“Signs are showing that ASPs may stay elevated for a longer period up to the end of 2021. The acute global shortage of gloves is likely to worsen as Covid-19 cases worldwide show no signs of slowing down.”

Buoyed by a surge in demand for their products in the wake of the pandemic, Malaysian glove makers almost single-handedly drove a rally in the country’s shares.

But the meteoric rise has also led to extreme swings in the market, as worries grow over valuations and the prospects of a vaccine that could bring an early end to the pandemic.