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Glove makers rise as Chinese cities adopt fresh Covid-19 curbs

KUALA LUMPUR (July 12): Shares in glove makers rose in the mid-morning on Tuesday (July 12) on the back of reports of multiple Chinese cities adopting fresh Covid-19 curbs, from business halts to lockdowns, to rein in new infections, with the commercial hub of Shanghai bracing for another mass testing effort after finding a highly-transmissible Omicron sub-variant.

At 9.50am, Top Glove Corp Bhd had risen 3.03% or three sen to RM1.02, Supermax Corp Bhd added 1.21% or one sen to 83.5 sen, Careplus Group Bhd rose 4.71% or two sen to 44.5 sen, Hartalega Holdings Bhd gained 1.91% or five sen to RM2.67 and Kossan Rubber Industries Bhd was up 2.34% or three sen to RM1.31.

Reuters reported that the tough curbs by local governments followed China's "dynamic Covid-zero" policy of promptly stamping out all outbreaks at a time when much of the world co-exists with the virus.

China has said that curbs must be as targeted as possible to reduce damage to the world's No. 2 economy after this year's major disruptions clogged global supply chains and hit international trade, according to Reuters.


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