Worldwide demand for rubber gloves has driven up the share price of Top Glove.
At 5pm, Top Glove’s share price closed at 9% higher, up RM2.08 higher at RM24, with 32.6 million shares traded. He said the company currently has 45 factories, of which 34 are glove factories with 700 production lines that have the capacity to make a total of 78.7 billion pieces of gloves per annum. In a note today, Kenanga Research said it has raised Top Glove’s target price to RM32, taking into account the management’s guide that the average selling price of gloves in August is expected to be 30% higher.
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