Top Glove jumped as much as 32%, the most ever, while Hartalega Holdings Bhd also rallied by a record 30%.

The gains come a day after shares of Thai glove makers also spiked as analysts point out that Southeast Asian producers will be the main beneficiaries. Malaysia’s market was closed for a holiday on Monday.

Tariffs on billions of dollars in Chinese goods, including medical products, are being finalised by president Joe Biden’s administration following a proposal to raise levies in May. The new tariffs are higher and will be implemented more quickly than expected, according to Citigroup Inc.

US tariffs on Chinese medical gloves will rise to 50% in 2025 and 100% in 2026, Citi analysts wrote in a report. That is up from a 25% hike proposed in May, which was to take effect in 2026.

Several brokerages have upgraded their recommendations on Malaysian glove makers as the tariff hikes will close the price gap between Malaysian and Chinese gloves.

The tariffs are “poised to revitalise investors’ sentiment on the Malaysian glove sector,” Jack Goh, an analyst at UOB Kay Hian Pte Ltd, wrote in a report.

“With the sector’s post-pandemic recovery eclipsing earnings amid demand moderation, domestic glove makers should progressively reclaim market share from China.”

Shares of Kossan Rubber Industries Bhd climbed as much as 26% while Supermax Corp jumped as much as 27%.