Thursday, August 11, 2011

Top Glove slumps 11.2% to end-June low

KUALA LUMPUR: Shares of Top Glove Corp Bhd fell about 11% to RM5.22 in late afternoon trade on Thursday, Aug 11 and were trading at the lowest since June 29.

At 3.14pm, it was down 65 sen to RM5.23 with 523,200 shares done. It was off its earlier low of RM5.10.

The FBM KLCI fell 2.25 points to 1,478.27. Turnover was 760.02 million shares valued at RM1.44 billion. There were 266 gainers, 492 losers and 230 stocks unchanged.

In a report on July 14, Citigroup Research had Top Glove as its top pick, with the latex price drop the main rerating catalyst.

However, sentiment in the world's largest glove maker could be affected by the cautious overall market and the recent selling by Kumpulan Wang Persaraan (Diperbadankan) or KWAP.

Filings with Bursa Malaysia also showed KWAP had ceased to be a substantial shareholder as at Aug 4. It disposed of 347,400 shares in the open market on that day, reducing its shareholding to 30.67 million shares, or below the 5% level.

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