Rubber glove makers, pharmaceuticals fall on profit-taking

KUALA LUMPUR (Sept 2): Shares in rubber glove makers and pharmaceutical companies retreated today on profit-taking.

All seven listed rubber glove makers are in the red zone, with the big four leading the declines.

Hartalega Holdings Bhd was down 84 sen or 5.1% to RM15.62 as at 2.43pm, and Kossan Rubber Industries Bhd lost 56 sen or 3.54% to RM15.24.

Top Glove Corp Bhd was down 30 sen or 1.13%, while Supermax Corp Bhd declined 26 sen or 1.19%. Supermax’s warrants were also featured on the list of top losers.

Among the lower liners, Comfort Gloves Bhd was down 12 sen or 2.58%, Rubberex Corp (M) Bhd was down five sen or 0.87% and Careplus Group Bhd was down three sen or 0.86%.

Pharmaniaga Bhd and Duopharma Biotech Bhd led the declines among pharmaceutical companies. Pharmaniaga slipped 36 sen or 6.39% to RM5.27, while Duopharma was down 17 sen or 4.66% to RM3.48.

At 2.50pm, the Bursa Malaysia Healthcare index was down 108.56 points or 2.58% to 4,094.65. It was the biggest decliner among Bursa Malaysia’s sector indices.

In a strategy note, CGS-CIMB Research replaced Top Glove with Public Bank as one of its top three picks. Kossan and Supermax were also removed from the research house’s top picks.

“This is to reflect our view that investors are likely to rotate in the later part of the year to cyclical sectors, which will benefit from the recovering economy post-Covid-19,” said CGS-CIMB.

CGS-CIMB also downgraded Duopharma and Pharmaniaga, saying their share prices have run ahead of fundamentals.–The Edge

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