KUALA LUMPUR (Aug 10): Hartalega Holdings Bhd emerged as Bursa Malaysia's top turnover or most-liquid stock on Wednesday (Aug 10), after the rubber glove maker unveiled weaker-than-expected earnings for the first quarter ended June 30, 2022 a day ago.
Quarterly net profit slumped to RM88.28 million, from RM2.26 billion a year earlier, as revenue dropped significantly at a time when glove average selling prices and sales volume declined after rising to record highs during the crucial period of the Covid-19 outbreak, which began in early 2020.
At the time of writing, the counter had fallen 18 sen or 6.43% to RM2.62, with some 11 million shares traded.
The stock was transacted at between RM2.60 and RM2.79 so far on Wednesday.
In equity-trade terminology, share turnover is a gauge of stock liquidity, derived by dividing the number of shares transacted during a certain duration by the average number of shares outstanding.
The stock liquidity gauge essentially tells investors how difficult or easy it is for a particular company's shares to be bought and sold on the open market.