KUALA LUMPUR: Perisai Petroleum Teknologi Bhd (fundamental: 0.35; valuation: 1.2) fell as much as 7.2% or five sen yesterday to 64 sen, after the company said it was unaware of the reasons for the recent rise in its share price.

It eventually eased up to close at 65 sen, down four sen or 5.8%, with 109.3 million shares traded, with a market capitalisation of RM769.31 million. It was also the second most active stock on the exchange.

In a filing on Monday, the company said there was no unannounced corporate development relating to its operations which required public disclosure, and that it was unaware of reasons for the stock’s unusual trading activity.

The statement was made in response to Bursa Malaysia’s query last Friday, on the sudden rise in Perisai’s trading volume and share price.

A remisier attributed the decline in Perisai’s share price yesterday to some profit-taking activity after the stock’s recent climb.

“Perisai gained quite a bit recently, in line with the rebound for companies in the oil and gas segment, which were recently battered by the decline in global oil prices,” he said.

Year-to-date, Perisai’s share price has appreciated 43%, outperforming the FBM KLCI’s gain of 3%, according to Bloomberg data.

In a separate statement on Monday, the company said its financial results for the fourth quarter ended December would be released on Feb 25.

This article first appeared in The Edge Financial Daily, on February 18, 2015.