KUALA LUMPUR, Shares of Top Glove Corporation Bhd continued to climb on Friday, extending their rally as investors and analysts reacted positively to the glove maker’s stronger-than-expected financial results.
The counter rose as much as three sen or 4.5% to 70 sen, building on its 16% surge a day earlier following the release of its latest quarterly earnings, which signalled improving demand and operational recovery in the glove sector.
As at 9.30am, Top Glove was trading at 68 sen, with nearly 37 million shares changing hands, making it one of the most actively traded stocks on Bursa Malaysia. At that price, the company’s market capitalisation stood at RM5.6 billion.
Analysts noted that the encouraging performance reflects growing investor optimism over the company’s turnaround prospects, supported by cost optimisation efforts and stabilising average selling prices in the glove industry.
The results also suggest that Top Glove’s restructuring measures and gradual recovery in global glove demand are beginning to yield results, potentially paving the way for a stronger showing in the coming quarters.
