Jewellery stocks extend gains, tracking gold's rise

⁺A

KUALA LUMPUR (May 18): Shares in listed jewellers Poh Kong Holdings Bhd and Tomei Consolidated Bhd jumped in active trade this morning, extending yesterday’s gains and tracking the rise in gold and silver prices.

Poh Kong shares rose as much as 13 sen to RM1.17 in early trade, now trading at RM1.11, still up seven sen or 6.73%, with over 28 million shares traded versus its 200-day average of 6.6 million shares.

Tomei shares, meanwhile, rose as much as 18 sen to RM1.49 before paring some gains to trade at RM1.43, still up 12 sen or 9.16%. Some 9.9 million shares were traded so far, compared with its average of 1.76 million shares.

Gold has gained 4% so far in May, extending the rebound from a six-month low in late March. The precious metal last traded up 0.09% at an over three-month high of US$1,868.10 (about RM7,708.71) as US bond yields held steady amid a higher-than-expected jump in April inflation data of the world’s largest economy.