Quick take: Jewellers surge as gold price climbs


  • Stock on the Move
  • Friday, 10 Apr 2020

KUALA LUMPUR: Jewellers Tomei Consolidated Bhd and Poh Kong Holdings Bhd rose in early trade Friday following the surge in gold prices.

Tomei and Poh Kong are among the biggest gainers on Bursa Malaysia. Tomei surged 31.25%, or 10 sen to 42 sen with 1.6 million shares traded. Poh Kong jumped 17.28%, or seven sen to 47.5 sen with 8.2 million shares traded.

Gold prices surged over 2.5% to their highest in a month on Thursday after the U.S. Federal Reserve announced a massive stimulus to combat the economic toll of the coronavirus pandemic.

Reuters reported that spot gold jumped 2.5% to US$1,686.85 per ounce by 1:31 p.m. EDT (1731 GMT), having earlier hit its highest since March 9 at US$1,690.03. It has risen about 4.2% so far this week.

High gold prices benefit companies like Poh Kong and Tomei, as they will help boost the companies’ profit margin.

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Poh Kong , Tomei , gold

   

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