KUALA LUMPUR (March 7): Top Glove Corp Bhd and Kossan Rubber Industries Bhd appeared on Bursa Malaysia's biggest decliners list. The ringgit’s gains sparked tepid earnings growth concerns for these export-based rubbber glove manufacturers.
At 12:30pm, Top Glove Corp Bhd, placed second on the decliners’ list, fell 39 sen or 7% to settle at RM4.99, with some seven million shares traded. Kossan, the third-largest decliner, dropped 22 sen or 4% to RM6.04.
At 12:37pm, the ringgit strengthened to 4.0945 against the US dollar. The local currency's strength correlates with rising crude oil prices, as the commodity nears the US$40 a barrel-level.
Export-oriented furniture manufacturers also made it to the list. Lii Hen Industries Bhd fell 19 sen or 8% to RM2.19.
Lii Hen was the fifth-largest decliner across Bursa Malaysia.