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Thursday, 14 September 2017 | MYT 9:20 AM

Globetronics shares continue to fall

KUALA LUMPUR: Shares of Globetronics Technology Bhd continued to fall for the second straight session after an earnings downgrade.

The stock fell 3.63%, or 23 sen to RM6.09, making it the top loser in an active trade on Thursday morning.

Maybank Investment Bank Research (Maybank IB) has slashed its profit estimates for Globetronics by 9%-13% for financial years 2017, 2018 and 2019, as the newly launched Apple smartphone does not feature the bundling of wireless earphones.

Globetronics makes gesture sensors, which are used in the making of wireless earphones.

Maybank cut volume estimates for gesture sensor by 33%-40% (to 84 million/120 million/ 144 million in FY17/18/19, from 126 million/180 million/240 million).