KUALA LUMPUR (July 17): Top Glove Corp Bhd spiked more than 10% today, given Bursa Malaysia’s revising of the counter’s closing price to RM19.70 as it told investors to ignore the previous day’s closing KLCI value of 1,573.31.
At 11.36am, the rubber glove maker was up RM2.50 or 12.7% at RM22.20, with 35.7 million shares traded, almost triple its 200-day average trading volume of 12.34 million shares.
In a series of special announcements earlier today, the bourse operator and regulator told investors to ignore the KLCI’s previous closing value as it has been revised to 1565.00, following the revision of Top Glove’s closing price from RM21.24 to RM19.70.
This translates to a 0.5% decline in the benchmark index’s closing price yesterday, due to the revision of the glovemaker’s closing price, by virtue of it being the fourth largest component of the KLCI.
Trading on Bursa resumed today at 9am as normal, after trading was halted at 3:30pm yesterday.
In a media statement today, Bursa said the disruption was caused by a technical issue which resulted in the halt on the exchange’s securities trading system.
"The trading halt was not due to any cybersecurity-related issues and our systems remain secure and protected. Immediate action was taken by the exchange to diagnose the problem and communicate to all participants while determining the cause and impact.
"The derivatives market was unaffected and continued to trade as normal. The exchange remains focused on ensuring there is minimal disruption to trading," Bursa said.