AirAsia X shares heavily traded up

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KUALA LUMPUR: Shares in AirAsia X Bhd were actively traded up last Friday as Brent crude oil prices hit their lowest since July 2012 due to slower growth in global oil demand from China and Europe.

The long-haul, budget airline emerged as the eighth-most active stock on Bursa Malaysia, with more than 49.863 million shares done. Its trading volume was significantly higher by 208% from the 16.189 million shares transacted last Thursday.

The counter closed up 4.5 sen or 5.5% to end at 86 sen last Friday.

In an email response, AirAsia X chief executive officer Azran Osman-Rani said that last Friday’s share performance could be due to the declining fuel price globally.

It could also be attributed to recent news reports that AirAsia X’s 49%-owned affiliate PT Indonesia AirAsia Extra had obtained an air operator’s certificate from the Directorate General of Civil Aviation of Indonesia.

This article first appeared in The Edge Financial Daily, on September 15, 2014.