Malaysia's glove sector in the longer-term will see a downtrend and industry players need to look out for selling at the coming resistance levels.
The mid and small-cap stocks have rebounded well since their September lows, probably owing to the heavy sell-off which took place last year, OSK Retail Research said in a statement today.
"Supermax Corp Bhd's report yesterday, highlighted that the worst may be over, for the natural rubber gloves industry.
"The share prices of rubber glove makers over the longer-term will still see a downtrend. The exception however, is Hartalega Holdings Bhd," the research house said.
Hartalega is clearly outperforming the benchmark from its relative strength chart, making higher lows since December last year, largely due to its sideway market performance during that period.
On the other hand, Supermax is currently on the short-term uptrend, having performed very well since the benchmark FTSE Bursa Malaysia KLCI rebounded in late September. -- Bernama
The mid and small-cap stocks have rebounded well since their September lows, probably owing to the heavy sell-off which took place last year, OSK Retail Research said in a statement today.
"Supermax Corp Bhd's report yesterday, highlighted that the worst may be over, for the natural rubber gloves industry.
"The share prices of rubber glove makers over the longer-term will still see a downtrend. The exception however, is Hartalega Holdings Bhd," the research house said.
Hartalega is clearly outperforming the benchmark from its relative strength chart, making higher lows since December last year, largely due to its sideway market performance during that period.
On the other hand, Supermax is currently on the short-term uptrend, having performed very well since the benchmark FTSE Bursa Malaysia KLCI rebounded in late September. -- Bernama
