Top Glove at risk of being removed from KLCI — AllianceDBS

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KUALA LUMPUR (Nov 4): Top Glove Corp Bhd is at risk of being removed from the FBM KLCI if the rubber glove manufacturer's share price deteriorates further, AllianceDBS Research Sdn Bhd analyst Quah He Wei wrote in a note today.

"The semi-annual review of the (30) KLCI constituents will take place in December 2019 based on closing prices on Nov 30, 2019.

"It (Top Glove) is currently ranked 35th by market capitalisation and will be automatically removed if it falls to 36th or below during the review," Quah wrote.

At Bursa Malaysia's afternoon close today, Top Glove's share price settled up 11 sen or 2.5% at RM4.51 among top gainers. The stock saw 2.49 million shares traded.

At RM4.51, Top Glove has a market capitalisation of RM11.65 billion. At the time of writing this report, Top Glove has not issued a statement in response to AllianceDBS' note.