New Malaysia curbs to affect quarter of Top Glove workers; shares slump

The 14-day curbs running through Nov. 30 will affect about 5,700 workers in Meru, Klang, Top Glove, the world's largest latex-glove maker, said in a statement on Tuesday. COVID-19 cases in Malaysia have risen sharply since October, with the daily count hitting its highest this month since the pandemic started.

Reuters | Updated: 17-11-2020 11:34 IST | Created: 17-11-2020 11:21 IST
New Malaysia curbs to affect quarter of Top Glove workers; shares slump
Representative image Image Credit: ANI

Top Glove shares tumbled as much as 15% on Tuesday after Malaysia tightened curbs on movements in an area where the company's dormitories are located for coronavirus screenings, a move that will affect about a quarter of its workers. The 14-day curbs running through Nov. 30 will affect about 5,700 workers in Meru, Klang, Top Glove, the world's largest latex-glove maker, said in a statement on Tuesday.

COVID-19 cases in Malaysia have risen sharply since October, with the daily count hitting its highest this month since the pandemic started. The country had a total of 48,520 infections on Monday. Malaysia said late on Monday the curbs would be imposed on two foreign worker dorms and surrounding areas in Klang, a district in western Malaysia, affecting 13,190 workers and almost 1,200 residents.

The government did not respond immediately to a Reuters request on Tuesday for further details. Demand for medical gloves and protective gear has skyrocketed due to the pandemic, helping Top Glove post a record profit for its latest quarter and powering a four-fold surge in its stock.

But its fortunes have wobbled over recent months after it was hit by an American import ban on two of its subsidiaries, and more recently by positive news on development of vaccines to prevent the coronavirus. Shares in other glove makers including Hartalega Holdings and Supermax Corp fell as well on Tuesday, likely affected by news that U.S. vaccine maker Moderna Inc's experimental vaccine is 94.5% effective in preventing COVID-19 based on interim data from a late-stage trial.

Also Read: Harris seeks decisive mandate from Americans

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)


TRENDING

OPINION / BLOG / INTERVIEW

China: A savior for emerging markets or a poison pill?

... ...

Future of Urban Planning: Artificial Intelligence guiding the way

Advances in emerging technologies like Artificial Intelligence and Machine Learning can help us understand our cities better and derive useful insights from real-time data collected through automated models....

Videos

Latest News

Samyukta Kisan Morcha blames Centre, Deep Sidhu for making farmers movement violent

Samyukta Kisan Morcha SKM on Wednesday blamed the Central government, actor-turned-activist Deep Sidhu and the Kisan Mazdoor Sangarsh Committee KMSC for the violence during the farmers tractor march in Delhi on January 26 against the agricu...

Woman sells Bernie doll for over $20K, donates to charity

Bernie Sanders went from becoming a hit meme to a nearly 20,000-crochet doll in less than a week.After the Vermont senator went viral on social media for his simple Inauguration Day fashion choices of quirky brown mittens and over-sized oli...

Rahul Gandhi to visit his constituency Wayanad today

Congress leader Rahul Gandhi will visit his north Kerala parliamentary constituency Wayanad on Thursday. He will interact there with representatives of various non-political, socio-cultural-religious and farmers organisations at a governmen...

Pak vs SA: No words to describe Fawad's commitment, dedication, says Wahab Riaz

Fawad Alam rescued Pakistan in the first Test against South Africa with a fighting ton, and pacer Wahab Riaz fell short of words to describe the commitment and determination of the batsman who was recalled to the squad after 11 years. Fawad...

Give Feedback