The Impacts of Negative News Lead to Panic Selling!

 

By Stella Goh

 

Before that, the government has announced the 6 months loan moratorium to relieve the economic impact caused by Covid-19 pandemic. The delayed payment on loan measures will end in September and the borrowers will need to repay their loan in October. This has caused investors to withdraw their cash from the stock market.

In addition, AstraZeneca and its partner, the University of Oxford, confirmed it had stopped giving the patients experimental shot after a person in the U.K. who was participating in one of their studies got sick, triggering a review of safety data. The U.S. National Institutes of Health Director Francis Collins told a Senate Committee on Wednesday the trial had been halted due to a “spinal cord problem”. Panic selling of stocks happened, has disrupting the U.S futures market, leading to the FTSE long composite index falling below the 1,500 level in the early trading! The top 4 gloves counters have been affected and at the same time, small glove counters also vulnerable.

According to the bourse filling today, TopGlove has repurchased 1.39 million units of its own shares for close to RM10 million. The shares were bought at between RM7.11 and RM7.21 per piece. This has brought the company’s cumulative net outstanding treasury shares to 3.38 million units and adjusted issued capital after cancellation to 8.13 billion of shares. The total number of shares purchased or held as treasury shares against the total number of issued shares is 0.04%.

According to the CIMB Investment Research, TopGlove has submitted the reports prepared by the independent consultant to the U.S. Customs and Border Protection (CBP) a few days ago to try to solve the issue of gloves seized by the US authorities and unable to sell their disposable gloves to the United States. At the same time, the upcoming release of QR of TopGlove will also become a stock catalyst in the near future.

However, Bank Negara Malaysia (BNM)’s Monetary Policy Committee (MPC) has decided to maintain the Overnight Policy Rate (OPR) at 1.75%. According to its Monetary Policy Statement, the bank said the opening of production facilities led to a resumption of manufacturing and trade activity, although the recovery in the services sector has been slower.

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