Tomei and Poh Kong rise to all-time highs as gold barrels past US$2,000

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KUALA LUMPUR (Aug 5): Shares in Tomei Consolidated Bhd and Poh Kong Holdings Bhd rose to their respective all-time highs on the back of record gold prices today.

At 9.20am, Tomei had jumped 21.59% or 19 sen to RM1.07, valuing it at RM148.30 million. The stock earlier rose to a high of RM1.15.

Meanwhile, Poh Kong rose 21.79% or 17 sen to 95 sen, with a market capitalisation of RM389.83 million. It earlier rose to a high of 96 sen.

Bloomberg reported that gold’s scorching rally gathered more force, with prices driven higher into record territory above US$2,000 (RM8,414) an ounce, as investors assessed prospects of more stimulus to combat the pandemic’s fallout, another slide in US real yields and increased geopolitical risks.