Bursa: Rubber gloves among top losers with rise in vaccination rates

Bursa: Rubber gloves among top losers with rise in vaccination rates

The three rubber glove heavyweights, Hartalega, Supermax and Top Glove shed 15 sen, 14 sen and eight sen, respectively.

An analyst says there could be a rebound in glove stocks should Covid-19 cases continue to rise in the next couple of weeks.
KUALA LUMPUR:
Rubber glove counters continued to lose momentum today, as investors offloaded their shares following the rise in Covid-19 vaccination rates in the country.

At 10.16am, three rubber glove heavyweights, namely Hartalega, Top Glove and Supermax were the top losers among the 30 FBM KLCI counters.

Hartalega, which was also among the top losers on the broader market, lost 15 sen to RM9.33, Supermax was 14 sen lower at RM4.35, and Top Glove declined eight sen to RM5.18.

Meanwhile, Kossan shed four sen to RM4.11, Careplus shrank 11 sen to RM2.35, Comfort eased two sen to RM2.22 and Ruberex was unchanged at RM1.17.

Commenting on this, MIDF head of research Imran Yassin Md Yusof said with another round of AstraZeneca vaccine opened for registration starting May 26, investors expect demand for gloves to eventually normalise starting next year.

“However, we should note that this is not definitive and we may see a rebound in glove stocks, should Covid-19 cases continue to rise in the next couple of weeks,” he told Bernama.

Malaysia reported 61 new deaths, a record number of Covid-19 fatalities yesterday, with new infections at 6,509, marking the sixth consecutive day that the country’s new daily cases went over the 6,000 mark.

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