Bursa healthcare gauge falls most as glove makers shares slump

Bursa healthcare gauge falls most as glove makers shares slump
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KUALA LUMPUR (Sept 8): Bursa Malaysia’s healthcare index fell the most in percentage terms in morning trades today as share prices of rubber glove manufacturers slumped among the bourse’s leading decliners.

At 11am, the healthcare index fell 137.35 points or 3.67% to 3,606.39.

Share prices of Supermax Corp Bhd, Kossan Rubber Industries Bhd, Top Glove Corp Bhd and Hartalega Holdings Bhd slumped.

At 11:01am, Supermax fell 75 sen or 8.33% to RM8.25 while Kossan dropped 72 sen or 5.26% to RM12.98.

Top Glove declined 38 sen or 4.59% to RM7.90 while Hartalega was down 32 sen or 2.29% at RM13.68.

Top Glove and Hartalega are also FBM KLCI constituents.

Top Glove and Supermax fell today following the listing of their new bonus shares.

Top Glove said its bonus issue has been completed following the listing of and quotation for 5.42 billion bonus shares on the Main Market of Bursa and the Main Board of Singapore Exchange Securities Trading Ltd yesterday.

Supermax said its 1.36 billion new bonus shares would be listed on Bursa’s Main Market today.

In general, issuance and listing of new shares in companies expand the number of issued shares in these firms, hence anticipation of earnings per share dilution.

Chong Jin Hun