Glove makers fall on profit taking

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KUALA LUMPUR (May 19): Glove makers' shares hit a speed bump on profit taking and a firmer ringgit this morning, following a bullish run on the back of unprecedented global demand brought on by the Covid-19 pandemic.

Kossan Rubber Industries Bhd, Hartalega Holdings Bhd, Supermax Corp Bhd and Comfort Glove Bhd led decliners on Bursa Malaysia this morning. 

At 9.45am, Top Glove was down 28 sen or 2.67% at RM10.22, while Hartalega Holdings Bhd fell 28 sen or 3.07% to RM8.85. Kossan lost 39 sen or 5.05% to RM7.34, Supermax slipped 19 sen or 4.26% to RM4.72 and Comfort Glove was down 10 sen or 4.48% at RM2.13.  

Other glovemakers that were also in the red included Rubberex Corp (M) Bhd, which was down 10 sen or 5.26% to RM1.80, while Careplus Group Bhd fell five sen or 5.85% to 80.5 sen. 

Year to date (YTD), however, Hartalega is up 61.5% while Careplus has gained 403.13%.

In the currency market, the ringgit strengthened to 4.35 against the US dollar at 10.10am. The exchange rate so far today was between 4.3393 and 4.3550. The ringgit has strengthened 2.18% against the US dollar since its weakest point at 4.4470 on March 23. 

YTD, the ringgit has depreciated 6.33% against the greenback, from 4.0910 on Dec 31, 2019.