KUALA LUMPUR: Top Glove Corporation Bhd's share price remains strong amid late announcement of the closure of 28 of its factories in Klang, Selangor today.
Top Glove closed six sen higher, or 0.82 per cent, to RM7.35.
However, analysts expect the stock to be under selling pressure tomorrow as investors digested the news.
The factory closures, which will be done in stages, followed drastic increase in Covid-19 positive cases among Top Glove staff.
Senior Minister (Security Cluster) Datuk Seri Ismail Sabri Yaakob, in his update on Covid-19 situation at about 4.30pm today, said the closure was to allow factory workers to undergo screenings and mandatory quarantine to contain the spread of the virus among Top Glove employees.
"I am made to understand for today, there are 1,067 positive cases (nationwide). On the advice of the Health Ministry, today's meeting has agreed to close these factories in stages," he said.
Ismail Sabri said up to November 23, the ministry had screened 5,794 of Top Glove staff, of which 1,889 were positive.
Enhanced Movement Control Order has been enforced at Top Glove's workers' dormitories in Klang and its surrounding areas from November 17 until November 30.
The decision taken by the National Security Council involved 13,190 male and female workers of the glove manufacturing company who reside in its dormitories, as well as 1,200 residents in Jalan Abadi 1A/8, Jalan Abadi 1A and Jalan Abadi 10A/KU8.