Friday 02 Jun 2023
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KUALA LUMPUR (Feb 16): 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.

Oil and gas support services provider Perisai said this today, after being queried by the exchange operator and regulator Bursa Malaysia last Friday (Feb 13).

Today, Perisai shares increased 3.5 sen or 5% to 70.5 sen at 2.55pm, with some 121 million shares done. The stock was the most-active entity across the exchange.

Perisai shares had risen 57% this year, outperforming the FBM KLCI's 3% rise.

Perisai shares had risen to current levels, from the stock's closing price of 49 sen on Feb 6 this year.

It is worth noting Perisai shares had advanced, as crude oil prices recovered.

Reuters reported benchmark Brent crude futures were trading up 3 cents at US$61.55 per barrel by 0620 GMT.

The steady prices follow strong gains made last week, when oil markets rose after another drop in the U.S. 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 December 31, 2014 (4QFY14) were scheduled for release this Feb 25 (next Wednesday).

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.

(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)

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