Top Glove sees RM22.25m net inflow as share price rallies

An employee monitors latex gloves on hand-shaped molds moving along an automated production line at a Top Glove Corp. factory in Setia Alam, Selangor, Malaysia. - Bloomberg

KUALA LUMPUR: Top Glove Corporation Bhd’s share price rally in the week ended July 24 was underpinned by net money inflow of RM22.25mil, according to MIDF Research.

The world’s largest glove maker’s share price ended 10.7% higher last week, outperforming the FBM KLCI which fell 0.4%, according to MIDF Research.

According the research house, MISC Bhd saw the second highest net money inflow of RM17.7mil. Its share price rose 0.38% during the week.

Carlsberg Brewery Malaysia Bhd recorded the third highest net money inflow of RM10.33mil. Its share price was -0.7% lower during the week.

“Nonetheless, it is notable that net money inflow amidst retreating share price may indicate a buy on weakness (BOW) stance among some investors, ” it said.

MIDF Research said Kossan Rubber Industries saw the largest net money outflow of -RM11.25mil last week. Its stock price was +2.22% higher for the week during the review week.

It said the net money outflow amidst advancing share price may indicate a sell on strength (SOS) stance among some investors.

Boustead recorded the second largest net money outflow -RM3.83mil during the week under review. Its share price was rallies 24.77% during the week.

MY EG registered the third largest net money outflow of -RM2.83mil in the review week. Its share price fell 2.70% lower during the week.

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