Bursa Health Care Index only gainer as Covid-19 variant fears boost glove counters
KUALA LUMPUR (Nov 26): Bursa Malaysia’s Healthcare Index was the only index up Friday afternoon — rising by almost 4% in the morning trading session — as concerns over a new and possibly vaccine-resistant variant of the coronavirus that causes Covid-19 drove investors towards glove stocks, which are among the constituents of the gauge.
The healthcare sector index opened at 2,292.82 points and briefly rose by 3.79% to hit 2,379.64 points on Friday (Nov 26).
As at 3.44pm, it had pared gains to trade at 2,369.28 points, still higher by 77.56 points or 3.38%.
In contrast, the KLCI was down by 7.93 points or 0.52% to trade at 1,509.67.
At 3.30pm, Hartalega Holdings Bhd shares were up by 55 sen or 10.72% at RM5.68, while Top Glove Corp Bhd rose 33 sen or 14.67% to RM2.58.
Other glove manufacturing heavyweights such as Supermax Corp Bhd and Kossan Rubber Industries Bhd also rose. Supermax gained 24 sen or 14.91% to RM1.85 while Kossan rose 20 sen or 10.05% to RM2.19.
Meanwhile, small and mid-cap glove manufacturing companies such as Careplus Group Bhd, Adventa Bhd and Comfort Gloves Bhd also saw their share prices spike 24 sen (24.74%), 23 sen (20.72%) and 13 sen (12.15%) to trade at RM1.21, RM1.34 and RM1.20, respectively.
The surge in buying interest can be attributed to the discovery of a new coronavirus variant named “B.1.1.529” in South Africa, Botswana and Hong Kong by British authorities, which scientists said it has an unusual combination of mutations and may be able to evade immune responses or make it more transmissible, according to Reuters’ reports.
“British authorities think it is the most significant variant to date, worry it could resist vaccines and have hurried to impose travel restrictions, as did Japan on Friday,” the Reuters report said.
Back home in Malaysia, Health Minister Khairy Jamaluddin has warned that movement restrictions in the social sector would be reintroduced if Covid-19 cases overrun hospitals, and that Malaysia's transition into the endemic phase for the disease would take a "long, long time", according to a report by health news portal CodeBlue on Monday (Nov 22).
"We're nowhere near that right now. If any countries feel they can declare victory, they're sorely mistaken," Khairy was quoted as saying at the virtual Global Town Hall 2021 organised by the Foreign Policy Community of Indonesia last Saturday.
He also said Malaysia has been using the buffer from the decline in Covid-19 cases to plan public health responses in anticipation of a simulated fourth wave of the pandemic.
http://www.theedgemarkets.com/article/bursa-health-care-index-only-gainer-covid19-variant-fears-boost-glove-counters
Singapore Investment
-
-
-
-
-
Spread the love (and money)11 hours ago
-
-
SBJUN24 GX24060A is 3.33%12 hours ago
-
A kind of mental issue15 hours ago
-
-
-
-
China’s going downhill?20 hours ago
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
No new investment for retirees2 days ago
-
-
-
-
-
The Story Behind Maybank2 days ago
-
-
-
-
-
-
Quick Update - scary correction3 days ago
-
-
Portfolio Update Apr 20244 days ago
-
-
Portfolio Summary for April 20244 days ago
-
Portfolio (April 30, 2024)4 days ago
-
Summary of April 20244 days ago
-
-
Month of April 20244 days ago
-
-
A Blast From the Past4 days ago
-
-
-
-
-
-
-
Weekly Market Outlook6 days ago
-
-
-
That Restless Night…1 week ago
-
-
-
-
-
-
-
-
-
-
-
Keyboarding Warriors1 week ago
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Banks and Miles Report – Mar 20243 weeks ago
-
-
-
2024 (Portfolio Update)4 weeks ago
-
-
-
-
1Q 2024 Investment Strategy Update4 weeks ago
-
-
-
-
Lentor Hills Residences5 weeks ago
-
Burnt out!5 weeks ago
-
-
-
Feb 2024 Expenditure5 weeks ago
-
-
Starting Our Second Property Cycle1 month ago
-
-
-
-
-
-
-
-
The Market Is A Scam!2 months ago
-
-
-
-
-
-
-
Options Trading Journal Jan 20242 months ago
-
-
-
-
-
-
-
End of 2023 Review4 months ago
-
-
Year 2023 DIYQuant Portfolio Performance Report4 months ago
-
Monthly Summary of November 20235 months ago
-
3 Simple Poker Strategies for Beginners5 months ago
-
Migration of website5 months ago
-
-
-
-
-
-
-
-
-
-
August 2023 Portfolio Updates7 months ago
-
-
-
-
Hello SP Group, I'm Back!10 months ago
-
-
-
-
A New Light11 months ago
-
-
-
-
-
-
-
Demoralized1 year ago
-
2022 Thoughts, Hello 2023!1 year ago
-
Series of Defaults for Maple Finance1 year ago
-
Takeaways from “Sea Change”1 year ago
-
-
Greed is Coming Back1 year ago
-
-
-
-
-
-
-
-
-
-
-
What is Overemployment1 year ago
-
-
-
-
-
-
-
-
-
-
-