Top Glove shares tumble after government says factories to be shut

Published Tue, Nov 24, 2020 · 03:00 AM

[KUALA LUMPUR] Shares in Malaysia's Top Glove fell as much as 7.5 per cent in early trade on Tuesday, after the government said some of its factories would be closed in stages for Covid-19 screening and quarantine after more than 2,000 of its workers tested positive.

The Health Ministry reported a sharp rise in cases in the area where Top Glove factories and dormitories are located, with 2,453 workers testing positive for the virus, out of 5,767 screened.

The government said 28 factory buildings will be shut in phases but did not specify when the shutdowns would begin.

On the Singapore bourse, Top Glove shares sank 5.9 per cent or S$0.14 to trade at S$2.25 as at 11.07am on Tuesday. In Malaysia, the counter dropped 6.7 per cent or RM0.49 to RM6.86 as at 10.55am.

REUTERS