KUALA LUMPUR (Nov 16):¬†Glove stocks were headed lower in Bursa Malaysia’s morning trading session today due to the news flow of Covid-19 vaccine progress, which dampened sentiment on the counters.

As at the time of writing, glove stocks were among the top losers today. At 11.53am, Hartalega Holdings Bhd, being the second top loser, was down 4.29% or 66 sen at RM14.72, bringing its market capitalisation lower to RM50.54 billion. It saw some 2.78 million shares traded.

In the fourth place was Supermax Corp Bhd, which fell 5.24% or 46 sen to RM8.32, with a market value of RM22.72 billion.

Meanwhile, Top Glove Corp Bhd, which bought back 8.94 million or 0.72% of its shares for RM69.9 million in the open market last Friday, dropped 3.98% or 31 sen to RM7.47, valuing the stock at RM61.47 billion. The counter was the seventh biggest loser as at the time of writing.

The smaller players were also not spared from the selling pressure. Kossan Rubber Industries Bhd lost 4.2% or 28 sen to RM6.38, Careplus Group Bhd fell 6.58% or 20 sen to RM2.84, and Comfort Gloves Bhd shed 4.71% or 19 sen to RM3.84.

The Healthcare Index was dragged down by the glove stocks, declining by 1.75% or 69.68 points to 3,921.47.

Last week, Pfizer and its German partner BioNTech announced that their experimental Covid-19 vaccine was more than 90% effective with no serious safety concerns based on initial trial results.

They also estimated that they can roll out up to 50 million doses this year for 25 million people and produce 1.3 billion doses in 2021.

Source: https://www.theedgemarkets.com/article/covid19-vaccine-dampens-sentiment-glove-counters-morning-trade