(Updated)

Glove stocks under pressure, Top Glove falls below RM4 level

Glove stocks under pressure, Top Glove falls below RM4 level
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KUALA LUMPUR (July 5): Top Glove Corp Bhd’s share price slipped below the RM4 mark today, dropping by as much as eight sen or 1.99% to RM3.93, its lowest level since May 2020.

The counter pared some of the losses to settle at RM3.95 at the close of trading, giving the group a market capitalisation of RM32.42 billion. Some 22 million shares changed hands. 

Top Glove’s peers also came under selling pressure, with Hartalega Holdings Bhd dropping one sen or 0.14% to close at RM7.01, for a market capitalisation of RM24.03 billion.

Supermax Corp Bhd went down 12 sen or 3.72% to close at RM3.11, while Kossan Rubber Industries Bhd lost one sen or 0.32% to RM3.07.

Smaller cap glove counters were not spared from the selldown, with Rubberex Corp (M) Bhd closing down 2.5 sen or 2.92% to 83 sen, Comfort Gloves Bhd down seven sen or 3.54% to RM1.91 and Careplus Group Bhd down two sen or 1.21% to RM1.63.

S Kanagaraju