KUALA LUMPUR (Aug 14): Securities of rubber glove manufacturers including Supermax Corp Bhd, Top Glove Corp Bhd, Kossan Rubber Industries Bhd and Hartalega Holdings Bhd closed down today among Bursa Malaysia top decliners on speculation certain stockbroking firms are banning contra transactions involving glove manufacturers' shares. “There are rumours that certain brokers are banning contra transactions in glove stocks, which really curbed appetite,” Hong Leong Investment Bank Bhd senior analyst Ng Jun Sheng told theedgemarkets.com today. Checks by theedgemarkets.com revealed that one stockbroking firm is scheduled to implement the glove share contra transaction ban on Monday (Aug 17). Rubber glove manufacturers are constituents of Bursa’s healthcare index. In general, contra transactions essentially involve buying and selling the same shares without having to pay for the securities during the contra period.

Source: The Edge Markets August 14, 2020 12:11 UTC