Gloves surge on cruise ship hantavirus outbreak

KUALA LUMPUR, 24 JULY 2026 —

PETALING JAYA — Shares of Malaysian glove manufacturers surged on July 23 after a hantavirus outbreak aboard a cruise ship in the Atlantic Ocean triggered investor demand for protective gear. Top Glove Corp Bhd, the world’s largest listed glove maker, led the rally, hitting its strongest closing price in a year. The stock was the most actively traded on Bursa Malaysia, jumping 12.5% and adding RM760 million to its market capitalisation in a single session.

The catalyst was an outbreak of the Andes strain of hantavirus on the MV Hondius cruise ship, according to media reports. The U.S. Centers for Disease Control and Prevention (CDC) classified the event as a Level 3 emergency response—the lowest tier in its activation scale—prompting heightened attention to infection control measures. The ship, carrying 128 passengers and 89 crew, is currently anchored at the Port of Granadilla near Tenerife, Spain.

Malaysian Health Minister Datuk Seri Dr Dzulkefly Ahmad confirmed on July 18 that no Malaysians were aboard the vessel. No further details on the outbreak’s scale or public health response were provided by Malaysian authorities. The CDC has not issued a travel advisory specific to the incident, and no cases have been reported outside the ship.

Analysts attributed the sharp share price gains to renewed investor focus on glove makers as potential beneficiaries of global health scares. Loui Low, head of research at Malacca Securities Sdn Bhd, noted in a LinkedIn post that market conditions may be aligning favourably for the sector. He did not specify further catalysts or valuation targets.

The surge follows a prolonged period of subdued trading in Malaysian glove stocks after the pandemic-driven demand boom subsided. Between 2020 and 2022, glove makers reported record earnings as global shortages of personal protective equipment (PPE) emerged during the COVID-19 pandemic. Since then, oversupply and price corrections have weighed on valuations, with Top Glove and peers reporting losses or reduced margins in recent quarters.

Industry observers caution that the current rally may be short-lived unless the hantavirus outbreak escalates or triggers broader public health measures. Hantaviruses are primarily transmitted through rodent excreta and are not known to spread person-to-person, limiting the likelihood of sustained demand for medical gloves. However, the psychological impact of any infectious disease outbreak on global travel and healthcare sectors often drives temporary spikes in protective equipment stocks.

For Malaysian glove manufacturers, the immediate benefit appears to be a sentiment-driven lift rather than a structural shift in demand. Top Glove, which operates 48 manufacturing facilities globally, has been diversifying into nitrile gloves and reducing reliance on latex products amid regulatory and cost pressures. The company reported a net loss of RM1.3 billion for the financial year ended August 31, 2023, as global PPE prices normalized.

Market watchers will be monitoring whether the CDC’s response level is raised or if additional health advisories are issued. Any escalation could prolong investor interest, while a de-escalation may see glove stocks retreat toward pre-outbreak levels. Bursa Malaysia’s Healthcare Index, which had underperformed since 2023, showed tentative signs of recovery with the latest gain, though analysts say sustained upward momentum will depend on broader economic and sector-specific factors.

Related: Top Glove · Bursa Malaysia