Glove counters pull back on profit-taking activities

Glove counters pull back on profit-taking activities
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*This story has been updated with market closing prices.*

KUALA LUMPUR (July 22): Hartalega Holdings Bhd, Supermax Corp Bhd and Kossan Rubber Industries Bhd appeared on Bursa Malaysia’s biggest decliner list today as profit-taking activities, as well as hopes for Covid-19 vaccines, pull their shares into negative territory. 

At 5pm, Hartalega topped the decliners’ list after falling 62 sen or 3.44% to close at RM17.38, with some 10.78 million shares traded. It was followed by Supermax, which dropped 56 sen or 3.13% to RM17.32, with some 19.40 million shares done. 

Kossan, the fourth-largest decliner, sank 48 sen or 3.31% to RM14.02 after 6.23 million shares were transacted. Top Glove, the ninth-largest decliner, fell 24 sen or 0.96% to RM24.7, with some 15.4 million shares traded.

Meanwhile, the ringgit’s gain against the greenback, reaching a one-month high of 4.2502 at the time writing, may have sparked some concerns on the earnings prospect of export-based rubber glove manufacturers. 

Reuters reported that emerging Asian currencies advanced today as unease over the next round of economic stimulus in the United States shook the US dollar.

“The Taiwanese dollar and South Korea's won each rose for the fourth straight session, with Taiwan's currency on track for its best day in almost three months while the Indonesian rupiah and Thai baht also posted modest gains,” it added in a report today. 

Also, it said investors' appetite for risk has improved this week on news of progress in developing vaccines for the novel coronavirus, reducing the US dollar's safe-harbour appeal.