KUALA LUMPUR (June 3): Top Glove Corp Bhd's market capitalisation slipped below RM10 billion on Friday (June 3), as its share price extended losses to settle down two sen or 1.59% at RM1.24.

The counter, which opened higher, fell four sen or 3.2% earlier to its intra-day low of RM1.22, before rebounding to RM1.24 —  still its lowest since Dec 9, 2019.

At its last close, Top Glove had a market capitalisation of RM9.93 billion, based on its 8.01 billion outstanding shares.

This marked a massive divergence of RM68.24 billion or 87.3% from its peak of RM78.17 billion during the pandemic, when the counter traded at RM9.60 to place the glovemaker as the second largest company across Bursa Malaysia, behind Malayan Banking Bhd and ahead of Public Bank Bhd.

Across Bursa Malaysia, Top Glove was the eighth most active counter on Friday with 41.31 million shares traded, up from its 200-day average of 24 million shares.

Other glovemakers traded mixed, including Kossan Rubber Industries Bhd (down three sen or 1.85% at RM1.60) and Hartalega (down one sen or 0.26% at RRM3.94, while Supermax Corp Bhd rose one sen or 0.97% to RM1.04.

At this juncture, Hartalega is the largest company among the glovemakers with market capitalisation of RM13.5 billion.

Top Glove is scheduled to release its financial results for the quarter ended May 31, 2022 (3QFY22) on June 9.

On May 26, the Employees’ Provident Fund (EPF) ceased to be a substantial shareholder in Top Glove, with its shareholding down to 4.9% on May 26, from 6.17% at end-last year.