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Defending 1,600

Following the breakthrough above the 1,600 psychological level, we now expect the higher possibility of profit taking over the near term. Still, further upsides remains on the table over signs over resurgence of bargain hunting in gloves-related stocks amid their attractive valuations, coupled with the strong near term fundamentals. Elsewhere, the rotational play amongst the lower liners remains in place, spurred by the higher-than-average trading activities as investors continue to search for higher yields.
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