KUALA LUMPUR (March 6): Oceancash Pacific Bhd’s share price rose as much as 6.5 sen or 12.26% to 59.5 sen so far today possibly in anticipation of higher demand for the company’s nonwovens, which are used in disposable hygienic products such as masks. Masks are in demand now amid the global Covid-19 outbreak.
Oceancash Pacific said on its website that its wholly-owned subsidiary Oceancash Nonwoven Sdn Bhd manufactures and trades air-through bonded nonwovens, and thermal bonded nonwovens, which are widely used in the disposable hygienic products industry.
"Its application includes top-sheets, second layer, acquisition distribution layer and back-sheet for diapers, sanitary napkins, wet wipes and surgical apparels including caps, masks and gowns,” Oceancash Pacific said.
At Bursa Malaysia today, Oceancash Pacific shares were traded at 57 sen at 2:57pm for a market capitalisation of RM139.82 million. The stock saw some 28 million shares traded.
Hong Leong Investment Bank Bhd said in a note, “Traders will be focusing on gloves, masks and sanitisers-related stocks amid the ongoing Covid-19 outbreak.”
Reuters reported that Asian shares and US stock futures fell on Friday following another Wall Street rout as disruptions to global business from the coronavirus beyond China worsened, stoking fears of a prolonged world economic slowdown.
It was reported that the spread of the new coronavirus has accelerated so much in Europe, Britain and North America that investors who once played down the virus are now re-assessing the risks, which means more volatility in financial markets.
“Optimism overseas is fading and now people are really starting to question just how bad things will get,” Takuya Kanda, general manager of research at Gaitame.com Research Institute in Tokyo, was quoted as saying.
http://www.theedgemarkets.com/article/oceancash-shares-covid19-spurs-demand-masks
