KUALA LUMPUR (July 21): Glove makers Top Glove Corp Bhd and Supermax Corp Bhd, which both announced bonus issues yesterday, saw heavy profit taking today to top the losers’ list on Bursa Malaysia.
At 3.26pm, Supermax shares were down RM1.08 or 5.87% at RM17.32, giving it the number one spot on the list of top losers. At this price, the company's market capitalisation stood at RM22.78 billion.
Trading volume was 30.14 million shares, surpassing the counter’s 200-day daily average of 19.76 million.
Supermax yesterday reached a record high of RM19.52 in afternoon trade, before paring gains to close at RM18.40.
An analyst, who declined to be named, said while the bonus issue should have a positive effect on the share price, investors decided to sell the shares due to the high valuation of the company.
Supermax warrants — Supermax-C83 and Supermax-C88 — were also actively traded and took the fourth and fifth places on the list of top losers. They were down 44 sen and 30 sen respectively. Supermax-C80 warrants, meanwhile, were up 28 sen.
As for Top Glove, the counter recorded a more moderate loss, shedding 46 sen or 1.85% to RM24.36. At this price, the company was valued at RM64.64 billion. The stock was the third top loser on Bursa.