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I am reproducing The Edge article to my blog.

https://www.theedgemarkets.com/article/top-glove-share-price-falls-below-rm26-hartalega-under-rm17
Glove stocks skid, jolted by vaccine news from Russia
theedgemarkets.com
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theedgemarkets.com

August 12, 2020 10:39 am +08



KUALA LUMPUR (Aug 12): Top Glove Corp Bhd’s share price fell below RM26 in Bursa Malaysia morning trades today while Hartalega Holdings Bhd dropped below RM17 in apparent profit taking after the FBM KLCI-linked rubber glove manufacturers' substantial share price rise on expectation of higher demand for their products due to the Covid-19 pandemic.

At 10:25am, Top Glove’s share price fell RM1.80 or 6.59% to RM25.50 while Hartalega dropped RM1.78 or 9.73% to RM16.52.

Investors could be taking profit from rubber glove shares on news Russia had become the first country to grant regulatory approval to a Covid-19 vaccine after less than two months of human testing. At a glance, such sentiment does not bode well for rubber glove demand as the discovery of Covid-19 vaccines is expected to curb the spread of the global outbreak.

It was reported that Russia president Vladimir Putin said on Tuesday that Russia had become the first country to grant regulatory approval to a Covid-19 vaccine after less than two months of human testing, a move Moscow likened to its success in the Cold War-era space race.

It was reported that the vaccine, which will be called "Sputnik V" in homage to the world's first satellite launched by the Soviet Union, has however not yet completed its final trials.

"Moscow's decision to grant approval before then has raised concerns among some experts. Only about 10% of clinical trials are successful and some scientists fear Moscow may be putting national prestige before safety. Putin and other officials have said it is completely safe. The president said one of his daughters had taken it as a volunteer and felt good afterwards,” Reuters reported.

https://klse.i3investor.com/blogs/gloveharicut/2020-08-12-story-h1511673947-Glove_stocks_skid_jolted_by_vaccine_news_from_Russia.jsp
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