Rubber glovemakers among top decliners on Bursa Malaysia

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KUALA LUMPUR (Feb 19): Rubber glovemakers were among the top decliners on Bursa Malaysia in morning trades today.

Most glovemakers had risen substantially since the outbreak of the Covid-19 virus in China.

At 11:49am today, Top Glove Corp Bhd was down 4.42% or 25 sen at RM5.40, with some 6.64 million shares traded.

Meanwhile, Hartalega Holdings Bhd declined 3.27% or 20 sen to RM5.91, with 2.49 million shares changing hands.

Kossan Rubber Industries Bhd fell 2.33% or 11 sen to RM4.61, with 6.91 million shares transacted.

Supermax Corp Bhd shrank by 3.03% or five sen to RM1.60, with some 8.49 million shares traded.

Additionally, Careplus Group Bhd was down 1.82% or half sen at 27 sen, while Rubberex Corp (M) Bhd was unchanged at 65 sen.

The Healthcare Index, which includes rubber glove manufacturers as members, fell 1.48% or 20.20 points to 1,348.50 points.

When contacted SJ Securities Sdn Bhd senior remisier KC Goh explained that rubber glove stocks have become speculative since the outbreak of the Covid-19 virus.

“People are basing on the theory that the outbreak will create demand and will bring more business to these companies.

"In actual fact, earnings will not come in so fast. These are based on expectations. When expectations push up prices, eventually they will come back to their senses. This kind of correction is normal,” he explained.