Quick take: Glove counters dominate active list on Bursa

KUALA LUMPUR: Glove counters dominated the active list on Bursa Malaysia in early trade Tuesday.

At 9.35 am, Bursa Malaysia's Health Care Index eased 1.39 points or 0.09% to 1,611.19.

Careplus Group Bhd, the most active counter, rose 2.5 sen, or 6.02% to 44 sen with 46.88 million shares done. The counter rose 75% in the past one month.

ALSO READ: Glove stocks undergoing technical rebound

Top Glove Corp Bhd eased 0.5 sen to 73.5 sen with 29.47 million shares traded while Supermax Corp Bhd fell two sen to 88.5 sen with 17.6 million shares done.

Hextar Healthcare Bhd declined one sen to 46.5 sen with 10.4 million shares exchanged hands and Hartalega Holdings Bhd fell seven sen to RM1.87 with 7.01 million shares traded.

Starbiz reported today citing a fund manager that the recent rebound in share prices of glove companies might be due to news regarding the Covid-19 XBB Omicron subvariant, as well as the continued weakness of the ringgit versus the US dollar.

“Fundamentally, there are no changes as low plant utilisation still persists amid intense competition. As such, we think glove companies would not benefit much from the weak ringgit versus the US dollar,” the fund manager was quoted as saying.