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The rise in the price of gold to new highs has induced similar movements in the share prices of a number of gold-related counters on Bursa Malaysia, although analysts believe a correction may be due.

KUALA LUMPUR: Pappajack Bhd will continue expanding its network of pawnbroking outlets and at the same time penetrate into new geographical markets within Peninsular Malaysia.

A renewed appetite for safe-haven commodities is fuelling a rally in jewellery counters on Bursa Malaysia, amid stronger trading prices of the precious yellow metal, following the global banking crisis that jolted equity investors.

Despite the lacklustre stock market performance in the first half of the year, qualified companies have not been too discouraged from listing given that initial public offerings (IPOs) remain fairly numerous. But more encouraging has been the performance of some of the newcomers as a number of them have vastly outperformed the benchmark index.

Bursa Malaysia opened higher on Wednesday (April 20) on renewed buying interest after undergoing selling pressure on Monday, tracking gains on Wall Street, which closed higher, ignoring the imminent rate hike as traders bought up banks on solid earnings.