Apart from the partially-allowed short-selling activities, analysts think the continued selling by retail and institutional investors is fuelling the glove stocks’ downtrend.
Meanwhile, in the case of Top Glove yesterday, investor sentiment appeared to have been affected by the glove maker’s plan to raise RM7.7bil via a primary dual listing in Hong Kong. Areca Capital CEO Danny Wong said that investor sentiment on glove stocks in the near term will remain weak on the back of potential earnings concerns.
“With Malaysia being the major producer of gloves, we will surely benefit from the demand for gloves, ” he said.
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