Windfall tax risk sees gloves under some pressure

Maybank Investment Bank Research said the supernormal profits being generated by the gloves sector and the government’s extremely challenging fiscal outlook raises the risk of windfall taxes being imposed on the gloves sector.

KUALA LUMPUR: Windfall tax risk for glove makers after their supernormal profits and surge in share prices saw investors take some money off the table.

At 9.41am, the FBM KLCI was down 9.88 points to 1,554.71. Turnover was 1.74 billion shares valued at RM1.07bil. The broader market was weaker with 538 losers to 235 gainers and 338 counters unchanged.