KUALA LUMPUR – Top Glove Corp Bhd’s shares dropped sharply today following news that 28 of its factories will be closed in stages to allow employees to be screened for Covid-19, after a spike in infections among workers.
Senior Minister Datuk Seri Ismail Sabri Yaakob yesterday said 28 Top Glove factories will be closed in stages after 1,884 staff tested positive for the virus.
This comes after workers’ accommodation and the surrounding areas were placed under the enhanced movement control order.
An analyst said the closure of the factories of the world’s largest manufacturer of rubber gloves may lead to a temporary shortage.
“While vaccine plans are in place, the current situation places demand at high until year-end. The cut in production will put the company under pressure for at least two weeks.”
As at 10.30am, Top Glove’s share price dipped 48 sen to RM6.87, with 40.65 units traded.
The decline also dragged down the benchmark FBM KLCI by 7.74 points from the overall 9.64-point slide. – Bernama, November 24, 2020
