Quick take: Jewellers continue to shine

KUALA LUMPUR: Shares of jewellers and gold-related stocks continued to attract investors' interest in early trade.

Tomei Consolidated Bhd rose 7.63%, or 10 sen to RM1.41, its highest since August 2020 and Poh Kong Holdings Bhd added 3.85%, or four sen to RM1.08, its highest in about nine months. Both counters rose in tandem with the spike in gold prices.

Other gold-related stocks MUI Properties Bhd rose 6.38%, or 1.5 sen to 25 sen and gold mining operator Bahvest Resources Bhd gained 0.98%, or 0.5 sen to 51.5 sen.

High gold prices benefit jewellers, as they will help boost the companies’ profit margin although high gold prices could result in lower revenue due to lower demand for their products.

Concerns over inflationary pressure helped to lift gold prices to their highest in more than three months.

Spot gold jumped 1.3% to US$1,866.84 per ounce, after hitting its highest since Feb 1 at US$1,868.26, according to Reuters.

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 46
Cxense type: free
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights

Poh Kong , Tomei , gold , Bahvest


Next In Business News

Serba Dinamik former chairman Mohamed Nor resigns�
Berjaya Corp denies involvement with Berjaya Investment, warns of scam
WTI-Brent spread narrows as oil market tightens
Ace market bound Nestcon IPO oversubscribed by 57 times
Rubberex proposes RM78.6mil share placement for capacity expansion�
George Kent posts 14-month net profit of RM48.7mil
FBM KLCI falls 16.81 points; 784 stocks in red
Serba Dinamik denies Abu Dhabi contract is a RPT
Record net profit for Comfort Gloves
Cryptocurrencies tumble amid China crackdown on bitcoin miners

Stories You'll Enjoy