KUALA LUMPUR, Sept 21 —Top Glove Corporation Bhd’s shares were down by 11 sen, or 3.92 per cent, to RM2.70 at 3.20 pm after Bursa Malaysia uplifted the dynamic price threshold mechanism on the counter from 12:20 pm until 12:30 pm today.
“During this period, orders can be matched within 30 per cent/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 share closed below RM3 threshold for the first time since May 2020 after posting weaker earnings for the fourth quarter ended Aug 31, 2021 (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 per cent 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