This article first appeared in The Edge Financial Daily on March 13, 2020
Top Glove Corp Bhd (-ve)
TRADING of shares in Top Glove Corp Bhd (fundamental: 0.95/3, valuation: 0.5/3) triggered our momentum algorithm for the fourth time this year.
Top Glove shares closed 3.66% or 23 sen higher at RM6.51 yesterday, with a market capitalisation of RM16.68 billion. The counter saw 24.65 million shares traded, exceeding its 200-day average trading volume of 6.29 million by almost four times.
Top Glove shares advanced as investors reacted to news of Covid-19 being classified as a pandemic by the World Health Organization.
Rubber glove manufacturers were one of the few bright spots on the local bourse yesterday. The healthcare index, whose component stocks include rubber glove manufacturers, was the only Bursa Malaysia index to have risen.