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: 1
Cxense type: free
User access status: 3
Subscribe now to our Premium Plan for an ad-free and unlimited reading experience!

Poh Kong , Tomei , gold , Bahvest

   

Next In Business News

Stocks, oil skid as China's COVID protests roil sentiment
Cushioned from global impact
Bursa likely to trend higher on foreign funds
The Week Ahead: 3Q earnings , PMI, inflation
Caution despite typical year-end stock rally
Effective social protection system vital
News Corp shareholder concerned about Fox merger
What’s in it for me? – A consumer’s perspective on digital banking
Strong demand for gold jewellery from Singapore
Germany’s Brenntag in takeover talks with US rival

Others Also Read