KUALA LUMPUR: Perisai Petroleum Teknologi Bhd said it was unaware of reasons behind the recent rise in its share price and volume.

Perisai (fundamental: 0.35; valuation: 1.2) said there was no unannounced corporate development relating to its operations which required public disclosure, and that it was unaware of reasons behind the stock’s unusual trading activity.

The oil and gas support services provider said this yesterday, after being queried by Bursa Malaysia last Friday.

Its shares increased as much as 5.5 sen or 8.2% to 72.5 sen yesterday, before easing to close at 69 sen, up two sen or 2.99%, with 175.68 million shares changing hands. Its market capitalisation stood at RM799.3 million. The stock was also the most active across the exchange yesterday. 

Perisai shares has risen 57% this year, outperforming the FBM KLCI’s 3% rise. It is worth noting that Perisai shares had advanced as crude oil prices recovered.

Reuters reported benchmark Brent crude futures were trading up three US cents at US$61.55 (RM220) per barrel by 0620 GMT.

The steady prices follow strong gains made last week, when oil markets rose after another drop in the US rig count, pushing Brent back above US$60 a barrel for the first time since December.

In a separate statement, Perisai said its financial results for the fourth quarter ended Dec 31, 2014 (4QFY14) are scheduled for release on Feb 25.

Earlier, the company reported a net profit of RM2.23 million in 3QFY14, from RM23.44 million a year earlier. Nine-month net profit was lower at RM204,000 versus RM71.18 million.

This article first appeared in The Edge Financial Daily, on February 17, 2015.