AirAsia, AAX, MAHB soar on reopening of domestic tourism

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KUALA LUMPUR (June 9): Shares in AirAsia Group Bhd (AirAsia), alongside its medium-haul airline AirAsia X Bhd (AAX), and airport operator Malaysia Airports Holdings Bhd (MAHB) soared today, buoyed by better investor sentiment as the government has allowed domestic tourism to restart as part of the Recovery Movement Control Order.

As of noon market close, both AirAsia and AAX were the third and second most actively traded counters on Bursa Malaysia.

Shares in AAX were up by 19.05% or two sen at 12.5 sen, valuing the medium-haul carrier at some RM518.52 million.

In terms of volume, the counter saw 278 million shares traded, exceeding its 200-day average trading volume of 20.02 million shares.

Additionally, AAX shares are now at the highest since April 22, when they closed at 13 sen apiece.

Meanwhile, AirAsia shares were up by 19.08% or 16.5 sen at RM1.03 apiece, valuing it at some RM3.44 billion. As it stands, the counter is at its three-month high.

Volume-wise, the low-cost carrier saw 248.15 million shares change hands, exceeding its 200-day average trading volume of 28.92 million shares.

Meanwhile, MAHB, which was the third top gainer on Bursa Malaysia, was trading 11.45% or 63 sen higher at RM6.13 per share, valuing it at some RM10.17 billion. The airport operator was also trading at a near three-month high.

The counter, which was recently booted from the benchmark FBM KLCI index, saw 2.88 million shares done.

The move to allow domestic tourism is viewed to help the aviation industry, which has been battered by Covid-19 following the implementation of lockdowns at home and abroad as governments worldwide attempt to control the spread of the virus.