Glove stocks in the red this morning, Hartalega leads top losers on Bursa

KUALA LUMPUR (Feb 8): Glove stocks dominated the top losers list on Bursa Malaysia this morning amid a lack of fresh catalyst for the shares, with Hartalega Holdings Bhd leading the pack.

At the time of writing, Hartalega had slipped 1.81% or 24 sen to RM13, valuing the group at RM45.38 billion. It saw some 752,400 shares traded.

The second highest top loser was Supermax Corp Bhd, which fell 3.75% or 25 sen to RM6.45, translating into a market capitalisation of RM17.47 billion. It saw some 5.77 million shares transacted.

Top Glove Corp Bhd — at the fourth place on the top losers list — had tumbled 3.33% or 22 sen to RM6.39 with some 11.86 million shares traded. This gave it a market capitalisation of RM52.41 billion.

Also, Comfort Gloves Bhd fell 2.62% or eight sen to RM2.97 with a market value of RM1.73 billion; Careplus Group Bhd slipped 2.55% or six sen to RM2.29, valuing the group at RM1.26 billion; and Kossan Rubber Industries Bhd skidded seven sen or 1.69% to RM4.06 with a market capitalisation of RM10.38 billion.

Rubberex Corp (M) Bhd tumbled 3.68% or six sen to RM1.57, bringing its market capitalisation to RM1.31 billion.

Areca Capital Sdn Bhd CEO Danny Wong told theedgemarkets.com today that the fall in share prices of glove manufacturers this morning could be due to Covid-19 vaccination news.

“I guess the sentiment on gloves is affected by the increasing vaccination news worldwide,” he said.

Reuters reported that the US reported fewer than 100,000 cases for the first time in more than three months, on Sunday, with 81,439 people currently being treated in hospital for Covid-19, marking the lowest since Nov 19, 2020.

Additionally, the Financial Times had reported recently that global Covid vaccine jabs had passed the number of confirmed cases.

Source: TheEdgeMarkets