Shares of oil equipment maker Jutal Offshore Oil Services jumped 49 per cent on their trading debut yesterday as investors snap up new stocks hoping of a quick return. The stock rose as much as 55 per cent to HK$2.14 before closing at HK$2.06, up 68 HK cents from its offer price of HK$1.38. About 137 million shares worth HK$279 million changed hands. 'The first-day performance of Jutal is slightly better than our expectation,' said Celestial Asia Securities director Horace Kwan Pak-leung. Investors are rushing to new stocks, betting that they can make some profit amid the rallying market and frenzy for initial public offerings. First-time share sales by Jutal, China Merchants Bank, Beijing Jingkelong and China BlueChemical attracted heavy demand from both institutional and retail investors. Jutal, which raised HK$138 million, is the second new stock in Hong Kong in which investors have seen first-day gains after the summer break. Individual investors could earn a profit of HK$1,360 for each board lot, or 2,000 shares, they bought, based on yesterday's closing price. Earlier this month, sportswear maker Win Hanverky Holdings' trading debut gained 33 per cent. Shenzhen-based Jutal priced its shares at HK$1.38 or 14.4 times last year's earnings, near the top end of its indicative price range of HK$1 to HK$1.50 after individual investors placed 246 times the shares available to them. 'Market sentiment towards new listings is good,' Mr Kwan said, adding that investors should take profit given the speculative nature and high valuation of the Jutal stock. At its closing price, Jutal's shares are trading at about 21.5 times last year's earnings. Shares in rival Emer International trade at eight times last year's earnings while Shandong Molong Petroleum Machinery's are at 17 times. Jutal, which provides technical support services and machinery to CNOOC and Devon Energy China, saw a 52 per cent surge in net profit to 39.6 million yuan last year on turnover of 247.9 million yuan.