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KUALA LUMPUR (Dec. 9): Top Glove Corp Bhd’s record quarterly earnings failed to lift the group’s share price.
At 4.23pm, the counter was down 17 sen or 2.4% to RM6.92. It previously slipped to an intraday low of RM6.90.
The stock saw 78.04 million shares changing hands.
Top Glove shares are down 27.92% from their recent peak of RM 9.60 on October 19.
Philip Capital chief strategist Phua Lee Kerk said Top Glove’s record earnings and earnings have already been included in the share price.
“It is not surprising news that stimulates the rise in stocks,” he said when contacted by theedgemarkets.com.
Amid the recent positive development on the Covid-19 vaccine front, Phua said Top Glove’s stock price has been affected by the high number of infections among its workforce.
Top Glove announced today that its net profit for the first quarter ended September 30 increased to 2.38 billion ringgit, from 111.43 million ringgit the previous year, while revenue increased to 4.76 billion ringgit from 1.21 billion ringgit. ringgit, backed by continued global strength. demand for rubber gloves due to the pandemic.
The glove maker declared an interim dividend of 16.5 sen.
Read also:
Top Glove 1T net profit rises to RM2.38b, declares dividend of 16.5 sen
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