Top Glove Corporation Bhd

Titan Trading Notes For Wednesday [9/4/2025]:

KLCI closed red around the 1443 points region with an overall positive market sentiment as the entire market started to rebound today after a huge panic selling wave from the day before. Daily trading volume settled around the 3.3 billion mark, which is still not very good here yet.

Main stocks that showed strong buying momentum would be the likes of MYEG, REVENUE, TOPGLOV, TANCO, SUPERMX, GAMUDA, GENM, MRCB, AXIATA, HARTA, JCY, KOSSAN, and PMETAL. All of which were able to sustain their rallies throughout the day on the top volumes list.

$TOPGLOV / 7113 (TOP GLOVE CORPORATION BHD) since retracing back towards the RM 0.77+ major support levels from the day before, was able to rebound strong today back towards the RM 0.82+ regions with good volume and buying momentum here.

For now, it may have reached a bottom already and if able to sustain, could breakout back towards the RM 0.90 - RM 0.92+ major resistance levels soon in the coming weeks here for a further rebound.

Will be monitoring TOPGLOV closely to see if it's able to spark a new gloves theme.

BNASTRA also able to do quite well here despite the weak market sentiment as it was able to rebound strong from its RM 1.60+ support levels and closed back towards its intraday high of RM 1.70 today with good volume and buying momentum.

It's one of the stronger construction/property stocks here compared to others and if able to sustain above its RM 1.60+ support, could rebound back towards the RM 1.75 - RM 1.80+ resistance levels soon in the coming weeks.

Will be monitoring BNASTRA closely.

$TOPGLOV / 7113 (TOP GLOVE CORPORATION BHD)
I presume the worst is over for Topglov. The threats from China supply will be there, but as demand recovers, Topglov is set to embark on a better future.

Sharing from remisier

$HARTA / 5168 (HARTALEGA HOLDINGS BERHAD)
$KOSSAN / 7153 (KOSSAN RUBBER INDUSTRIES BERHAD)
$TOPGLOV / 7113 (TOP GLOVE CORPORATION BHD)

*Gloves Sector Flash Update 🧤

- *Two weeks after soft guidance by Harta’s management* in its results briefing, *Malaysian glove companies 🇲🇾* have seen share price declining by 30-40%.

- *Retain our view* that recent selldown is overly pessimistic, and *deep value has emerged* following such drastic retracement.

- *Rating📈.* We’ve previously advocated investors to monitor for inflection point and consider *positioning once the selldown stabilises🌊.* We believe near-term share prices may have bottomed throughout this two weeks’ *price discovery.*

- *Maintain BUY on:* Harta (RM2.16/TP:RM3.14); TOPG (RM0.88/TP:RM1.31); Kossan (RM1.80/TP:RM2.52).

- *Valuations in bargain📊.* Gloves companies under our coverage are now trading at *-1SD below mean PE* on 2026F earnings. Note that sector has been trading between +0.5SD/+1SD throughout 2023-24.

- *Full impact from US order shifts are not reflected yet🇺🇸.* Sept-Dec 24 (4Q24) results are already commendable, but note that US distributors frontloaded purchase from China producers that run double shifts to rush orders before tariffs. This is evidenced from the monthly US gloves import chart flows in 2024.

- *Against 1Q25's softening results🥊,* 2Q25 will see good pick up as US' purchase recover significantly (higher than 4Q24's orders as US distributors will not be able to buy from China anymore).

- *Further analysing US distributor's inventory levels📦.* If US annual normalised gloves consumption c.65b pcs, overstocked inventories in 4Q24 may be only c.7b pieces. This translates to c.1.5 months of excess inventory. Adding back normal inventories level of 1-2months, potential inventory levels at c.2.5-3months.

• *Malaysia production capacity is c.150b 🏭* (big 4 glovemakers) and running at *U-rate of c.60%* averagely (3Q24; before surging order due to US kicks in). If we assume: *i)* US completely stop purchasing from China beginning 2025; *ii)* 30b existing China exports fully flows to MY glovemakers, indicative U-rate shall recover to *c.80% in phases.*

- *Challenging outlook in Europe is not something new🇪🇺,* we've highlighted in our earlier reports that competition in the region will be intensified after US' revised tariffs to China gloves. This however, may be compensated by surging US sales and better margin.

• *China ASP not as low as expected 🔻.* Analysing several invoices of few China glovemakers, Dec 24's ASP for *nitrile gloves* is US$17.30 vs June's US$16. *Latex gloves'* ASP in Dec is US$20.70 vs June's US$19.80. *PVC gloves* Dec US$17.30 vs June's US$15.90.

• *Recall that China glovemakers only turnaround into operational profit in 1Q-2Q24♻️,* which indicates potential breakeven ASP closer to US$16. Note that such breakeven points are when their utilisation rate >90%. With the loss of US market share, U-rate will decline and breakeven cost will rise.

- *Local glovemakers' global market share🌎* for medical gloves is highest at *c.40-55%.* Over past two decades, its been proven that *gloves demand will surge during viral infections😷:* H1N1 (2010), MERS (2012), Ebola (2014), 2020 (COVID-19) are case-studies, so are valuations.

• *About fund flows🚰 .* Malaysia Big 4 glovemakers have combined *market cap of c.RM22b* currently. Excluding family/direct ownership from major shareholders, floating shares are at *c.RM10-11b.* This excludes all institutional holdings.

• *Risk reward is attractive at this level🍀 .* As such, we think that once sellers exhaust, sector offers good trading opportunities. Sector have seen multiple rounds of liquidity squeeze when positive newsflow emerge, surging within c.40-70% trading range in recent two years. *Entry point🚪 :* after selldown stabilises.

Sharing from remisier.

Glove back?

$HARTA / 5168 (HARTALEGA HOLDINGS BERHAD) $KOSSAN / 7153 (KOSSAN RUBBER INDUSTRIES BERHAD) $TOPGLOV / 7113 (TOP GLOVE CORPORATION BHD)

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*Gloves Sector Flash Update 🧤

- *Thailand’s 🇹🇭 Public Health Ministry* has warned that the incidence of influenza is spreading rapidly, with four provinces in the northeast region the hardest hit.

- *There has been a big jump in infections in February.* According to the Thai health ministry, 7,819 cases of influenza were reported in Jan, but by 15th Feb, total infections this year had leapt to 99,057, with nine fatalities. The ministry also said that *H1N1🦠 is the main virus strain* active in Thailand at present.

- *These concerns😷* on raising influenza cases are again *lifting sector sentiment,* despite unlikely to evolve into a COVID-19 like pandemic.

- *Coupled with confluence of catalysts🌟* such as: *i)* US’ higher tariffs on China gloves; *ii)* improving earnings and operating matrixes; and *iii)* lack of visible thematic catalysts across other sectors, we *do not rule out possibilities* of Malaysian gloves sector *re-rating back to +1SD above mean valuations range.*

- *We are still maintaining our valuation methodology and TP for now, pending further monitoring ⚖️.* Our current TPs: Kossan (RM2.24/TP:RM2.65); Harta (RM3.31/TP:RM3.66); and Top Glove (RM1.20/TP:RM1.31) are *based on +0.5SD above mean on 2025F PE* and may re-rate to +1SD if such sentiment continues to build up.

- *Expect slight positive share price movement📈* across domestic gloves name, but should still *trade range-bound towards our +0.5SD valuations range* unless participation of strong fund flows.

- Harta will also be releasing its 3QFY25 results today.

Sharing from remisier. Glove is back?

*Gloves Sector Flash Update 🧤

🔹 *Trump impose 10% additional tariffs on China imported goods,*⚖️ after signing an executive order on Saturday. Including earlier tariff modification by USTR, China’s medical gloves likely faces higher tariff of 60% in Feb 2025 and 110% in 2026 (from current 50%; initially proposed 100% in 2026).

🔸 *China manufacturers no longer competitive in US market🇨🇳.* Assuming China’s breakeven ASP of US$14.5-15, adding in a 60% tariff will result in US ASP of US$23-24. Given that such tariffs will further revised to >100% in 2026 and considering supply chain consistency, US distributors/hospitals will likely stop purchasing from China, resulting in altering industry landscape which benefit MY glovemakers.

🔹 *Concerns on Trump’s proposed universal tariffs policy also have limited impact 🌍.* While there’s lingering uncertainty that Trump may introduce global tariffs of 10-20% across all imports to the US, MY glove-makers shall also be shielded. Factoring in the existing 60-110% US tariffs imposed on China medical gloves in 2025-26, the pricing gap between Malaysia and China producers for US exports is still wide.

🔸 *In terms of rough US market exposure🇺🇸:* i) Harta leads with >50% of total sales; ii) Kossan c.40%; iii) Top Glove c.20%; iv) Supermax c.29% historically. Such figures will see meaningful surge in coming quarters.

🔹 *Sector valuations palatable after ytd retracement.* We’ve downgraded the sector to Market Weight since early Jan 2025, citing “overhyped optimism” after domestic glovemakers’ share prices surged by 46-53% in 2024 (contrarian overweight rating since 2023). While MY glove stocks’ subsequently *retraced 11-20% last few weeks,* current valuations provide trading opportunities.

🔸 *Stock ratings💡.* Officially, we have a HOLD rating on Top Glove, Kossan and Hartalega after early-Jan’s downgrade. Nevertheless, *Kossan* (RM2.24/TP:RM2.65); *Harta* (RM3.31/TP:RM3.66); and *Top Glove* (RM1.20/TP:RM1.31) now trades at good entry level and *poses commendable capital alpha with limited beta* towards AI/DC or further US tariffs newsflow.

$TOPGLOV / 7113 (TOP GLOVE CORPORATION BHD) $HARTA / 5168 (HARTALEGA HOLDINGS BERHAD) $KOSSAN / 7153 (KOSSAN RUBBER INDUSTRIES BERHAD)

Titan Trading Notes For Tuesday [4/2/2025]:

KLCI closed back red around the 1553 points region with an overall mixed market sentiment as we still saw over 580 counters closing red for the day. Daily trading volume remains low around the 2 billion mark with foreign funds still selling.

Main stocks that showed strong buying momentum would be the likes of SUPERMX, MAG, TOPGLOV, KOPI, GAMUDA, IJM, HARTA, SCGBHD, CTOS, RL, and JFTECH. All of which were able to sustain their rallies throughout the day on the top volumes list despite the weak market sentiment.

Following US's tariffs on China, $SUPERMX / 7106 (SUPERMAX CORPORATION BERHAD) had a huge breakout all the way towards the RM 1.23+ regions with huge volume and buying momentum today as it has a high exposure in the US market and likely will benefit from this.

Definitely the main star for the day here and as long as able to hold above its RM 1.18+ immediate support, could continue to trend up towards the RM 1.30+ major resistance levels soon in the coming few days.

Will be monitoring SUPERMX closely as it's leading the glove sector.

$TOPGLOV / 7113 (TOP GLOVE CORPORATION BHD) on the other hand also had a decent breakout back towards the RM 1.25 regions with good volume and buying momentum here following US tariffs on China gloves.

So far looking quite strong her and as long as able to hold above its RM 1.20 immediate support on the daily chart, could trend back up towards and beyond the RM 1.30+ major resistance levels soon.

Will be monitoring TOPGLOV closely as expecting gloves to be the main theme in the coming weeks.

$GENETEC / 0104 (GENETEC TECHNOLOGY BERHAD) since retracing back towards its RM 1.38+ main support levels last week, been able to hold well and rebounded back towards the RM 1.53 regions today with good volume despite the mixed market sentiment.

Now looking quite healthy and on track to recovery here. As long as able to hold above its EMA 200 support of RM 1.47, could continue to trend back up towards the RM 1.80+ regions soon in the coming weeks for further recovery.

Will be monitoring GENETEC closely

Titan Trading Notes For Friday [17/1/2025]:

Despite global sentiment rebounding after CPI results, KLCI continued to be bearish today, closing red around the 1555 points region with an overall negative market sentiment as we saw over 520 counters closing red for the day.

Main stocks that showed strong buying momentum today would be the likes of CBHB, MYEG, TOPGLOV, ARMADA, JCY, and SUPERMX. All of which were able to sustain their rallies throughout the day on the top volumes list despite the weak market sentiment.

$ARMADA / 5210 (BUMI ARMADA BERHAD) despite the weak market sentiment, been able to hold well above its RM 0.62+ main support levels over the past 2 days and was able to rebound strong back towards the RM 0.66+ regions with good volume and buying momentum.

So far looking quite strong here no the daily chart and as long as able to sustain above its RM 0.635+ immediate support, could continue to trend up towards and beyond its RM 0.685 regions soon.

Will be monitoring ARMADA closely here.

Glove stocks on the other hand such as $TOPGLOV / 7113 (TOP GLOVE CORPORATION BHD) was able to show signs of a dip already as it held above its RM 1.14+ support levels well over the past 2 trading days and was able to rebound all the way back towards the RM 1.20+ regions with good volume.

Although still facing some selling pressure around the RM 1.20+ regions, its closing price of RM 1.19 was still a pretty good one. For now as long as able to sustain above its RM 1.15+ support, could bounce back towards the RM 1.25 - RM 1.30+ major resistance levels soon.

Will be monitoring TOPGLOV closely here.

Major Construction of Data Center related stocks like GAMUDA, SUNWAY. SUNCON, and MAHSING are still facing strong selling pressure.

I use $GAMUDA / 5398 (GAMUDA BERHAD) s the benchmark leader, today it retraced all the way back towards the RM 4.15+ major support levels with even larger selling volume than the days before. This is a sign that major funds are offloading heavily all at once.

This is kind of like panic selling, mostly from the institutions due to potential policy changes that will affect our growth in the data center space. For now still too early to say anything yet and it unable to rebound, could continue to trend down towards the RM 3.90 - RM 4+ major support levels on the daily chart before we see a meaningful rebound.

Will have to monitor it closely and see how it goes. Will continue to caution against early attempts of dip buying before the charts start showing any signs of a rebound.

$TOPGLOV / 7113 (TOP GLOVE CORPORATION BHD)
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$TOPGLOV / 7113 (TOP GLOVE CORPORATION BHD)
Research by APEX

$TOPGLOV / 7113 (TOP GLOVE CORPORATION BHD)
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$TOPGLOV / 7113 (TOP GLOVE CORPORATION BHD)
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$TOPGLOV / 7113 (TOP GLOVE CORPORATION BHD)
Research by MAYBANK

$TOPGLOV / 7113 (TOP GLOVE CORPORATION BHD)
Research by RHB

$TOPGLOV / 7113 (TOP GLOVE CORPORATION BHD)
Research by TA

Titan Trading Notes For Monday [16/12/2024]:

KLCI had a slight rebound back towards the 1608 points region with an overall mixed market sentiment as we still had almost 500 counters closing red for the day during last Friday. Daily trading volume settled lower around the 2.7 billion mark.

Main stocks that showed strong buying momentum would be the likes of TOPGLOV, JFTECH, SUPERMX, ARMADA, INARI, ECA, SIMEPROP, 99SMART, AZAMJAYA, SUNWAY, YTL, and KPJ. All of which were able to sustain their rallies throughout the day on the top volumes list despite the mixed sentiment.

$TOPGLOV / 7113 (TOP GLOVE CORPORATION BHD) was definitely the star of the glove scene recently. Since breaking out from its RM 1.17+ major resistance levels earlier this month, been rallying all the way towards the RM 1.40+ regions on Friday with huge volume and buying momentum here despite being overbought.

So far still not showing any sign of weaknesses yet and as long as able to hold above its RM 1.30+ immediate support on the daily chart, could continue on towards and beyond its RM 1.50+ regions soon for an uptrend continuation pattern.

Will be monitoring TOPGLOV closely here.

$JFTECH / 0146 (JF TECHNOLOGY BERHAD) recently been making headlines, since breaking out from its RM 0.60+ main downtrend resistance over the past 2 weeks, been trending up strong and even broke out towards the RM 0.80+ regions with huge volume and buying momentum here.

Looks very ripe for a brand new uptrend here and seems like something big could be brewing behind the scenes. For now as long as able to sustain above its RM 0.74 immediate support, could continue on towards and beyond its RM 0.88+ regions soon.

Will be monitoring JFTECH closely

$CORAZA / 0240 (CORAZA INTEGRATED TECHNOLOGY BERHAD) since breaking out towards the RM 0.57+ major resistance levels earlier last week, been consolidating and able to hold well above its RM 0.54+ immediate support levels on the daily chart despite the mixed market sentiment.

So far looking very strong here since breaking out from its RM 0.50+ main downtrend resistance earlier this month. As long as able to keep this up, could continue to trend up towards the RM 0.60 - RM 0.62+ regions soon in the coming weeks.

Will be monitoring CORAZA closely here

Titan Trading Notes For Wednesday [11/12/2024]:

$KLCI closed slightly red back towards the 1608 points region today with an overall mixed market sentiment as we saw over 510 counters closing red along with it for the day. Daily trading volume settled low around the 2.7 billion mark.

Main stocks that showed strong buying momentum would be the likes of TOPGLOV, SUPERMX, JCY, YNHPROP, GENETEC, MICROLN, JHM, PCHEM, GTRONIC, HARTA, and GAMUDA. All of which were able to sustain their rallies throughout the day on the top volumes list despite the mixed market sentiment.

$TOPGLOV / 7113 (TOP GLOVE CORPORATION BHD) since breaking out from its RM 1.15+ major resistance levels earlier last week, had been able to sustain its buying momentum and rallied all the way towards the RM 1.40 regions today despite being overbought here on the daily chart.

Although still facing some selling pressure around the RM 1.40 regions, as long as able to sustain above its RM 1.30 immediate support, could continue on this parabolic rally soon.

Will be monitoring TOPGLOV closely here as something big seems to be brewing here.

$SUPERMX / 7106 (SUPERMAX CORPORATION BERHAD) on the other hand also was able to perform well today, breaking out all the way towards the RM 1.10 regions with good volume and buying momentum despite the mixed market sentiment.

For now looks like on a parabolic rally here and despite being overbought, still not showing any signs of weakness yet. If able to sustain above its RM 1.03+ immediate support, could continue on towards the RM 1.15+ regions soon for an uptrend continuation pattern.

Will be monitoring SUPERMX closely here.

$CORAZA / 0240 (CORAZA INTEGRATED TECHNOLOGY BERHAD) since breakout from its RM 0.48 main downtrend resistance levels over the past week, had been able to sustain the buying momentum and even broke out towards the RM 0.575 regions here with good volume and buying momentum despite being overbought.

So far looking quite strong here and could be on a brand new uptrend. As long as able to sustain above its RM 0.54+ immediate support on the daily chart, could continue on towards and beyond its RM 0.60+ major resistance levels soon.

Will be monitoring CORAZA closely here.

$NOTION / 0083 (NOTION VTEC BERHAD) n the other hand since retracing back towards its RM 1.30+ support levels, was able to hold strong and rebound back towards its RM 1.39 regions today with good volume, even closing on its intraday high here.

So far looking quite bullish and as long as able to sustain above its RM 1.33+ immediate support levels on the hourly charts, could continue on towards testing its RM 1.45+ major resistance levels soon.

Monitoring NOTION closely.

$SGX-AP4 RIVERSTONE

As we close in to the 5 years of Covid boom and bust of the glove sector, this is still the only rubber glove company I know in the world, that came out of it without recording a single financial loss in a quarter.

And listening into their latest QR briefing, they're not stopping on YoY earnings growth.

I believe besides $HARTA / 5168 (HARTALEGA HOLDINGS BERHAD), RIVERSTONE will be exposed more than other glovemakers to US client demands. $KOSSAN / 7153 (KOSSAN RUBBER INDUSTRIES BERHAD) $TOPGLOV / 7113 (TOP GLOVE CORPORATION BHD)

In the briefing, management mentioned that healthcare glove volume had increased 30% QoQ, with the driver being the tariff in US made some clients moved back and gave order. And the best thing is that ASP for US clients can and had been increased.

Management believe that US market will contribute 70% to overall business next year, up from 40% contribution this year.

Looking forward to more yummy dividends and earnings growth in 2025!

@zhexiangxd @CalmSage @terence775

KUALA LUMPUR: The recent depreciation of the US dollar against the ringgit is anticipated to continue presenting challenges for Top Glove Corporation Bhd, even with the company’s price increase of US$1 to US$2 per 1,000 pieces for orders starting next month.

© New Straits Times Press (M) Bhd

Titan Trading Notes For Tuesday [15/10/2024]:

$KLCI had a brief rebound back towards the 1636 points region with an overall negative market sentiment as we still saw over 650 counters closing red for the day. Daily trading volume remained low around the 2.2 billion where sellers were mostly dominating.

Main stocks that showed strong buying momentum would be the likes of PBBANK, PERTAMA, 99SMART, HAWK, YEWLEE, TANCO, FAJAR, and PMHLDG. All of which were able to sustain their rallies throughout the day on the top volumes list.

PERTAMA since retracing back towards the RM 0.27+ support levels, had been able to hold its ground quite well and rebounded back towards the RM 0.30+ regions with good volume today.

For now looking quite strong here and as long as able to hold above its RM 0.28 immediate support levels, could breakout from its RM 0.31 immediate downtrend resistance for a further rebound soon.

Will be monitoring PERTAMA closely here.

$PBBANK / 1295 (PUBLIC BANK BERHAD) on the other hand since breaking out towards the RM 4.80+ regions, had actually been retracing over the past month here, heading back all the way towards the RM 4.30+ major support levels.

Today, it was able to rebound well back towards the RM 4.40+ regions with good volume and buying momentum. Could be a sign that it's reached its dip region already and if able to sustain, could rebound further back towards the RM 4.50 main downtrend resistance levels soon.

Will be monitoring PBBANK closely here.

$TOPGLOV / 7113 (TOP GLOVE CORPORATION BHD) since retracing back towards the RM 1 major support levels after releasing its QR, had been able to rebound back towards the RM 1.07+ regions today with good volume and buying momentum.

For now looking quite strong here and as long as able to sustain above its RM 1.05 immediate support levels, could continue to trend back up towards the RM 1.10 - RM 1.15+ major resistance levels soon

Will be monitoring TOPGLOV closely here as seems to be recovering quite well.

$TOPGLOV / 7113 (TOP GLOVE CORPORATION BHD)
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$TOPGLOV / 7113 (TOP GLOVE CORPORATION BHD)
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$TOPGLOV / 7113 (TOP GLOVE CORPORATION BHD)
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$TOPGLOV / 7113 (TOP GLOVE CORPORATION BHD)
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KUALA LUMPUR: Top Glove Corporation Bhd’s sales volume growth momentum is expected to be sustained into 2025 due to increased inventory restocking and potential shifts in trade caused by United States (US) tariffs on China, said RHB Research.

© New Straits Times Press (M) Bhd

KUALA LUMPUR: Top Glove Corporation Bhd expects continual improvement in sales orders in line with more positive demand supply dynamics as recovery for the glove industry continues to gain traction.

© New Straits Times Press (M) Bhd

KUALA LUMPUR: Top Glove Corporation Bhd's net loss narrowed to RM61.8 million in the financial year 2024 (FY24) compared to RM925 million a year before, as sales volume to the US surged. 

© New Straits Times Press (M) Bhd

$TOPGLOV / 7113 (TOP GLOVE CORPORATION BHD)
Research by RHB

$TOPGLOV / 7113 (TOP GLOVE CORPORATION BHD)
Research by Kenanga

Titan Trading Notes For Monday [23/9/2024]:

$KLCI managed to breakout further towards the 1668 points region during last Friday with an overall positive market sentiment. Daily trading volume was also able to soar through the 4.1 billion mark, which is a very positive sign of recovery here.

Main stocks that showed strong buying momentum would be the likes of SIMEPROP, TOPGLOV, SUNWAY, CAPITALA, YTL, EKOVEST, GENETEC, IWCITY, SPSETIA, TANCO, IJM, BAHVEST, UEMS, and YTLPOWR. All of which were able to sustain their rallies throughout the day on the top volumes list.

$TOPGLOV / 7113 (TOP GLOVE CORPORATION BHD) surprisingly was able to lead the glove sector during last Friday as it broke through the RM 1.10+ regions with huge volume and buying momentum. This came after it retraced back towards the RM 1.02+ support levels earlier last week.

For now looking quite bullish here and as long as able to sustain above its RM 1.08+ immediate support levels, could continue on towards and beyond the RM 1.14+ major resistance levels soon for an uptrend continuation pattern.

Will be monitoring TOPGLOV closely here.

CAPITALA on the other hand was able to breakout strong from its RM 0.82+ main downtrend resistance and rallied all the way towards the RM 0.89+ regions with huge volume and buying momentum despite being overbought.

For now looking strong here as it broke through the RM 0.82+ main downtrend resistance with huge volume. As long as able to sustain, could rally on towards and beyond the RM 0.93+ regions soon.

Will be monitoring CAPITALA closely here as seems to be starting a new uptrend.

$SIMEPROP / 5288 (SIME DARBY PROPERTY BERHAD) since breaking out from its RM 1.44+ main downtrend resistance levels, had been able to build up its momentum quite well and rallied all the way towards the RM 1.55 regions on Friday with huge volume.

So far looking quite bullish here and as long as able to sustain above the RM 1.44+ immediate support levels on the daily chart, could continue on towards and beyond the RM 1.50 - RM 1.69+ regions for an uptrend continuation pattern.

$TOPGLOV / 7113 (TOP GLOVE CORPORATION BHD) $HARTA / 5168 (HARTALEGA HOLDINGS BERHAD) $SUPERMX / 7106 (SUPERMAX CORPORATION BERHAD) $COMFORT / 2127 (COMFORT GLOVES BERHAD) $HLT / 0188 (HLT GLOBAL BERHAD)