Top Glove market cap shrinks below RM60b

  • Corporate News
  • Wednesday, 09 Sep 2020

Are glove stocks losing their grip? Glove makers have seen their share prices slide in recent days as they are no more viewed as darlings of the stock market.

KUALA LUMPUR: The recent selling pressure on glove makers saw Top Glove Corporation and Hartalega's market capitalisation shrink while their weighting in the 30-stock FBM KLCI slipped.

At midday on Wednesday, Top Glove's share price was down 45 sen to RM7.19 and giving it a market capitalisation of RM58.44bil. At the current price, it is trading at a price-to-earnings (P/E) of RM48.51 times.

Its weighting in the KLCI had fallen to third spot at 6.30 - sharing it with Public Bank - after being at second spot in recent weeks. At the top of the list is Maybank followed by Tenaga Nasional.

As for Hartalega, it fell 66 sen to RM12.94 and giving it a market capitalisation is RM44.35bil. It is trading at a P/E of 106.94 times. It has fallen to sixth spot in the KLCI with a weighting of 4.73.

Supermax's market capitalisation shrunk to RM20.09bil as it share price fell 63 sen to RM7.78. Its P/E is 96 times.

As for Kossan, it was the top loser of the day, skidding RM1.04 to RM11.46. At the current price, its market capitalisation is RM14.65bil. It is trading at a P/E of 65.48 times.

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