KUALA LUMPUR (March 17): Bursa Malaysia Securities Bhd has issued an unusual market activity (UMA) query on AirAsia X Bhd (AAX), after a sharp rise in its share price and trading volume recently.

On Friday (March 17), the counter surged as much as 26.24% or 37 sen to hit its intraday high of RM1.78. It later pared gains to close at RM1.68, still up 19.15% or 27 sen, giving it a market capitalisation of RM688.59 million.

Some 43.86 million shares were traded, significantly higher than its average daily volume over a one-year period of 1.51 million shares.

The counter has been on the ascent over the past three weeks, rising 147.06% from Feb 21’s close of 68 sen.

In view of the recent spike in its share price, Bursa requested AAX to disclose any corporate development, rumour or report concerning the business and affairs of the group, and any other possible explanations, which may account for the UMA.

In response to the query, AAX said that except for the ongoing development of its proposed regularisation plan to holistically restructure its business and financial condition, it is not aware of any other corporate development, rumour or report which may account for the UMA.

On Feb 21, AAX posted a net profit of RM153.48 million for the sixth quarter of the financial period ended Dec 31, 2022 (6QFP2022), a six-fold jump quarter-on-quarter from RM25.09 million in 5QFP2022, on the back of record average fare, higher load factor and a sharp rise in passengers carried.

Quarterly revenue rose three-fold to RM339.3 million from RM100.1 million in the quarter prior.