0018 GMT [Dow Jones] Top Glove Corp (7113.KU) may rise to MYR8.50 (psychological resistance) on New Straits Times report saying company plans to raise glove prices to offset rising costs, USD weakness. "Latex prices had started to climb again since July and the US dollar had weakened since September... we need (to raise prices) to protect our shareholders' interest," says Top Glove chairman Lim Wee Chai, according to report. Details on quantum of increase and timing not provided. Local analyst says higher prices likely to be well absorbed by consumers; "orders have been on the rise since the World Health Organization declared influenza A (H1N1) a pandemic four months ago." Top Glove last raised prices in July. The company controls 22% of global market share; has capacity to produce 31.5 billion pieces of gloves/year. Shares ended +2.9% at MYR8.40 Wednesday.
Dow Jones Newswires
October 14, 2009 20:18 ET (00:18 GMT)
Copyright (c) 2009 Dow Jones & Company, Inc.
No comments:
Post a Comment