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.

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 1
Cxense type: free
User access status: 3
Subscribe now to our Premium Plan for an ad-free and unlimited reading experience!

Tomei , Poh Kong , gold

   

Next In Business News

CPO futures seen trending higher next week on expectation of stronger exports
Wall St Week Ahead-Soft landing hopes for US economy brighten outlook on stocks
India's palm oil imports fall in July as soyoil jumps to record high
Scarcity changes the LME warehousing game in Malaysia and elsewhere
Wide-body jet demand humming again as Boeing 787 rejoins the fray
Oil price falls 2% on expectations that US Gulf supply disruption will ease
GLOBAL MARKETS-Global stocks rise, U.S. yields fall as inflation slows
NYT targeted by activist investor pushing for subscriber-only bundles
‘Hopeless’: Chinese homebuyers run out of patience with developers
Steady retail outlook

Others Also Read