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Glove counters outperform market

PETALING JAYA: The rise in the share prices of Top Glove Corp Bhd and Hartalega Holdings Bhd might be too little too late from being relegated from the benchmark FBM KLCI in the upcoming review of the index unless Top Glove can gain another 45 sen while Hartalega by 70 sen by this week.

Top Glove exited its penny stock status after its share price continued to rally, rising six sen to RM1.02 yesterday, which gave it a market capitalisation of RM8.37bil while Hartalega rose further by five sen to RM2.15 or RM7.37bil in market value, but are still well below the RM12bil capitalisation analysts think the counters need to have to safely remain as FBM KLCI component stocks.

“Based on current calculations, Top Glove would need to reach a stock price of around RM1.50 from its current level before Nov 21 to avoid having its place taken on the index.“This looks a little challenging, unless foreign research houses decide to upgrade their rating to a buy call for the sector,” Rakuten Trade head of equity sales Vincent Lau said.


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