Top Glove Tumbles on U.S. Order to Seize Goods Over Forced Labor
- The stock is the worst performer on KLCI Index on Tuesday
- U.S. order results is an ‘unfortunate negative’: analyst
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Top Glove Corp. shares sank after the U.S. Customs and Border Protection ordered personnel at U.S. ports of entry to seize its gloves made in Malaysia, putting pressure on the world’s biggest glove maker to improve its labor practices.
The stock fell 5.4% in Kuala Lumpur Tuesday to the lowest close since March 2, the biggest decliner on the main equities gauge. Trading volume was 145% of its three-month average. The shares have plunged 50% from an October high.