Jewellery stocks slide; gold loses ground

KUALA LUMPUR: Jewellers Tomei Consolidated Bhd and Poh Kong Holdings Bhd retreated on profit taking as gold prices retreated from an all-time high.

Tomei shed 17.42%, or 27 sen to RM1.28 while Poh Kong fell 14.29%, or 19 sen to RM1.14. Both counters are among the top losers on Bursa Malaysia.

Other gold-related stocks such as Bahvest Resources Bhd fell three sen to 62.5 sen and MUI Properties Bhd declined 3.5 seb to 34.5 sen.

Reuters reported that gold prices fell on Tuesday, weighed down by a stronger dollar as investors focused on the fiscal stimulus plan in the United States and escalating US-China tensions ahead of key trade talks later this week.

Spot gold dropped 0.4% to $2,025.58 an ounce. US gold futures eased 0.3% to US$2,033.60.

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Tomei , Poh Kong , gold


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