The top four companies in the sector, Top Glove Corporation Bhd, Kossan Rubber Industries Bhd, Hartalega Bhd, and Supermax Corporation Bhd all tumbled about 10%.

At 11am, Top Glove lost 13 sen to RM1.13, Hartalega fell 37 sen to RM3.45, Kossan gave up 27 sen to RM2.47 and Supermax slid 10.5 sen to 97.5 sen.

Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng described yesterday’s euphoria as only a knee-jerk reaction and that such hype was not sustainable.

Glove stocks took the spotlight yesterday, buoyed by the US tariff imposition on Chinese goods, which will only take effect in two years.

On May 14, the US raised tariffs on Chinese-made medical gloves to 25% from 7.5%.

“This higher tariff is expected to close the price gap between Malaysia and Chinese gloves, making Malaysian-made gloves more price attractive in the US, which is a key export market,” said UOB Kay Hian Wealth Advisors head of investment research Sedek Jantan yesterday.