Industry insiders and analysts do not expect a resurgence in demand or a fresh rally in the price of the glove counters.
Fortress Capital Asset Management Sdn Bhd chief executive officer Thomas Yong said the surge in price of glove stocks is due to a technical rebound given prices had fallen over the past two years from very high levels.
Nevertheless, Yong opined that in general, the average selling prices of gloves are expected to have bottomed out with less fierce competition.“Many glove companies are still operating at very low capacity utilisation rates and any increase in glove demand would likely be met easily. As such, we think that the recovery of the profitability would be gradual,” he said., demand is expected to pick up in the next three to six months.
Meanwhile, Tradeview Capital chief investment officer Nixon Wong also expects glovemakers to experience a slow recovery in sales volume of gloves.
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