KUALA LUMPUR – Top Glove Corporation Bhd’s shares were down by 11 sen, or 3.92%, to RM2.70 at 3.20pm after Bursa Malaysia uplifted the dynamic price threshold mechanism on the counter from 12.20pm until 12.30pm today.
“During this period, orders can be matched within 30%/30 sen up and down of the reference price.
“The reference price is 17.5 sen and the upper and lower limit is 47.5 sen and half-a-sen respectively,” the local bourse announced on its website.
Yesterday, Top Glove shares closed below the RM3 threshold for the first time since May last year after posting weaker earnings for the fourth quarter ended August 31 (Q4FY2021).
The counter continued to slip by opening lower at RM2.76 from yesterday’s close of RM2.81.
Analysts have downgraded the target price of the world’s largest rubber glove manufacturer against a backdrop of weaker earnings as well as normalising glove demand and average selling prices (ASPs).
Top Glove’s earnings in Q4FY2021 dropped 70% quarter-on-quarter (q-o-q) to RM608 million due to lower ASP and volume while higher supply from China and Thailand also took a toll on the ASP. – Bernama, September 21, 2021
