Quick take: Poh Kong shares turn lower on profit-taking

KUALA LUMPUR: Shares in Poh Kong Holdings Bhd fell in early trade Thursday as selling to lock in profits gained strength after yesterday’s rally.

The gold jeweller shed 7.8%, or 5.5 sen to 65 sen with 8.47 million shares done. It is currently trading at a PE ratio of 8.76 times.

Another jeweller, Tomei Consolidated Bhd fell 10.92%, or 6.5 sen to 53 sen with 1.74 million shares done.

The price of gold surged above US$1,600 an ounce for the first time in over six years after the attack by Iran on Tuesday.

Reuters reported that gold prices were steady on Thursday, retreating from the near seven-year peak hit in the previous session, as a softening rhetoric by the United States and Iran allayed concerns of a larger military conflict.

It last traded steady at US$1,556.98 per ounce.

Source: TheStar