Thursday 28 Mar 2024
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KUALA LUMPUR (Aug 10): Top Glove Corp Bhd saw its share price fall as much as 78 sen or 10.1% in afternoon trade to hit an intraday low of RM6.95 and was one of the top losers on Bursa Malaysia.

JF Apex Research analyst Jessica Low said Top Glove’s weak share price performance today is in line with the broader market sell-off which continued from last week.

“The depreciating ringgit is actually a plus point for Top Glove, but this isn’t reflected in its share price performance today due to the weak market sentiment caused by the broader market sell off,” she told theedgemarkets.com.

Her sentiments were echoed by an analyst from MIDF Research, who said Top Glove’s share price doesn’t accurately reflect the company’s fundamentals.

“We think that Top Glove share price movement today is triggered more by speculation rather than its core fundamentals, and we believe this [downward share price trend] for Top Glove is just temporary,” said the analyst.

As at 3.16pm today, Top Glove (fundamental: 2.5; valuation:1.1) shares had recovered slightly from its all day low, but was still down 40 sen or 5.17% at RM7.33 from its closing price of RM7.73 yesterday, with 3.69 million shares traded.

(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)
 

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