KUALA LUMPUR: Water stocks, in particular those related to Selangor, saw a rally yesterday, and Puncak Niaga Holdings Bhd became the latest company to be issued with an unusual market activity query after its share price saw a 44 sen spike in heavy trading.
Puncak Niaga opened at RM1.45 and shot up by 44 sen to close at RM1.89 with 30.9 million shares traded.
In its reply to Bursa Malaysia yesterday, the company said it was unaware of any rumours nor did it have any corporate developments that have not been announced.
On Tuesday, Selangor Menteri Besar Tan Sri Khalid Ibrahim said in a statement Bursa Malaysia has yet to explain satisfactorily why Puncak Niaga was given a waiver from being listed as a PN17 company.
Also on Tuesday, the Selangor government said in a statement that it would continue to push ahead for the restructuring of the water industry, claiming the water concessionaires will continue to fail the rakyat. It added that Syarikat Bekalan Air Selangor Sdn Bhd (Syabas) should not be retained as the water services operator in the state.
Kumpulan Perangsang Selangor Bhd also saw heavy trading yesterday with 23.8 million shares traded. Its counter opened at RM1.12 to close at RM1.39, up 27 sen.
Another Selangor state-linked company Kumpulan Hartanah Selangor Bhd saw its share price climb to 78 sen from 51 sen yesterday with 113.89 million shares traded.
Pipe maker Jaks Resources Bhd, which is involved in the Selangor-Pahang water transfer project, also saw a spike in its share price. The counter gained 14 sen to close at 72 sen with 45.6 million shares traded.
This article appeared in The Edge Financial Daily, February 10, 2012.
Puncak Niaga opened at RM1.45 and shot up by 44 sen to close at RM1.89 with 30.9 million shares traded.
In its reply to Bursa Malaysia yesterday, the company said it was unaware of any rumours nor did it have any corporate developments that have not been announced.
On Tuesday, Selangor Menteri Besar Tan Sri Khalid Ibrahim said in a statement Bursa Malaysia has yet to explain satisfactorily why Puncak Niaga was given a waiver from being listed as a PN17 company.
Also on Tuesday, the Selangor government said in a statement that it would continue to push ahead for the restructuring of the water industry, claiming the water concessionaires will continue to fail the rakyat. It added that Syarikat Bekalan Air Selangor Sdn Bhd (Syabas) should not be retained as the water services operator in the state.
Kumpulan Perangsang Selangor Bhd also saw heavy trading yesterday with 23.8 million shares traded. Its counter opened at RM1.12 to close at RM1.39, up 27 sen.
Another Selangor state-linked company Kumpulan Hartanah Selangor Bhd saw its share price climb to 78 sen from 51 sen yesterday with 113.89 million shares traded.
Pipe maker Jaks Resources Bhd, which is involved in the Selangor-Pahang water transfer project, also saw a spike in its share price. The counter gained 14 sen to close at 72 sen with 45.6 million shares traded.
This article appeared in The Edge Financial Daily, February 10, 2012.
