KUALA LUMPUR (July 23): Shares of listed pharmaceutical companies, which rose to new highs yesterday, pulled back by as much as 16% today as investors took profit.

Pharmaniaga Bhd plunged to an intraday low of RM3.80 or 16.48% before recovering to RM4.21 at 3.55pm, still down 34 sen or 7.47% from yesterday. This gave the company a market capitalisation of RM1.1 billion.

Apex Healthcare Bhd was down 11.34% or 45 sen at RM3.52, giving it a market capitalisation of RM1.67 billion.

YSP Southeast Asia Holding Bhd was 8.28% or 24 sen lower at RM2.66, while Duopharma Biotech Bhd slid 0.34% or one sen to RM2.95.

Kotra Industries Bhd pared earlier losses to trade four sen or 1.12% higher at RM3.61.

Philip Capital Sdn Bhd chief investment officer Ang Kok Heng told theedgemarkets.com that the pharmaceutical stocks are down on profit-taking activities as their rise was fuelled by speculation.

The stocks have been soaring on hopes that a vaccine against the Covid-19 disease might be ready by year-end following promising early data from trials of three potential vaccines.

Also, the Malaysian government had announced that Pharmaniaga and Duopharma have been tasked with undertaking the Covid-19 vaccine packaging process once a vaccine is developed.