PETALING JAYA: Rubber gloves-related counters snapped their short rally on Bursa Malaysia and were among the top losers, as investors took profit and sold down the sector on fears higher raw material and energy costs will continue to weigh on the companies' earnings.
The counters had rallied in the past few days on the drop in latex prices to RM8.10 per kilo from RM8.60, coupled with the strengthening of the US dollar. The ringgit depreciated sharply against the greenback, trading around RM3.20 compared with below RM3 back in August.
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