Puncak Niaga shares tumble after CIMB downgrade

PETALING JAYA: Shares in Puncak Niaga Holdings Bhd tumbled yesterday, leading losses among water stocks, after CIMB Research downgraded its call on the company as it sees a slim chance for the water concessionaires to get a higher valuation for their assets.

Meanwhile, AmResearch sees the water consolidation exercise in Selangor as being far from over, despite the likely use of the law by the Government to force the concessionaires to sell their assets.