Wednesday, 25 April 2012

AirAsia, MAS fall, focus on share-swap, oil prices

KUALA LUMPUR (April 25) : AIRASIA BHD [] and MALAYSIAN AIRLINE SYSTEM BHD [] (MAS) shares fell against the backdrop of rising crude oil prices, and possibly, on concerns that the share-swap arrangement between both airlines may be reversed due to opposition from MAS employees.

AirAsia declined as much as 2.3% or eight sen to settle at RM3.33 at lunch break while MAS was down 0.8% to RM1.24 before trading unchanged at midday interval. AirAsia and MAS saw some two million and 600,000 shares done respectively.

AirAsia is the second-largest decliner among the FBM KLCI‘s 30 stocks after diversified group MMC Corp Bhd which fell 3.65% to RM2.64.

Crude oil futures rose as global markets responded positively to improving US corporate earnings and housing sector updates, apart from firm demand for European government bonds.

Crude oil on the New York Mercantile Exchange rose 11 cents to US$103.66 a barrel versus the IntercontinentalExchange’s Brent crude oil which was up 10 cents to US$118.26 a barrel.

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