Russia’s claim to have discovered the world’s first Covid-19 vaccine has badly affected the trading of Covid-19 theme stocks on Bursa Malaysia that have rallied over the past months.
This was only further exacerbated by the retreat on Wall Street a day earlier and the mixed sentiment in the regional stock market, causing panicky investors to dump most lower liners on the local bourse.
Shares of all seven glove manufacturing-related counters plummeted by over 10% as investors scrambled to exit on fear of future drop in demand.
The bourse’s worst performers list yesterday was also dominated by glove players.
The discovery of a workable inoculation would mean that Covid-19 cases globally would naturally decline and the demand for gloves would also suffer a major hit.
FBM KLCI-linked glove makers, Top Glove Corp Bhd and Hartalega Holdings Bhd, fell by 10.3% and 11.9%, respectively, and dragged down the bellwether index of Bursa Malaysia by 11.67 points and 11.52 points, respectively.
