KUALA LUMPUR: Rubber glove stocks on Bursa Malaysia yesterday took a beating yesterday – not so much for the stronger ringgit hurting earnings – but rather for demand cycle hitting a plateau.
“So long as the ringgit is appreciating against US dollar in line with the appreciation of other Asian currencies against US dollar, locally made goods and services for the export market would not be impacted too much,” an analyst said, adding that if we were to look at major currencies in Asian exporting countries, their currencies have appreciated as well.
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