AirAsia converted 2.1 billion rupiah (RM621.5mil) of the 4.3 bil rupiah (RM1,292.4mil) due from Indonesia AirAsia to perpetual capital securities in the latter
KUALA LUMPUR: Low-cost carrier Air Asia was in focus early Friday after announcing a strong set of results and corporate exercise but the overall market was cautious on concerns about the weakening ringgit.
At 9.30am, the KLCI had slipped 0.15 of a point or 0.01% to 1,624.06. Turnover was 163.04 million shares valued at RM93.54mil. There were 141 gainers, 174 losers and 192 counters unchanged.
Reuters reported Asian stocks steadied on Friday as the Thanksgiving break in the United States pegged the dollar's relentless surge that had sucked capital out of most emerging markets.
MSCI's broadest index of Asia-Pacific shares outside Japan inched up 0.05% on Friday.
The news wire also reported that elsewhere in markets, oil prices held steady, as investors looked to next week's meeting of the Organization of the Petroleum Exporting Countries (OPEC) for clarity on proposed output caps.
US crude futures were flat at $47.92, set to clock a weekly increase of 4.9%, building on last week's 5.3% jump.
At Bursa Malaysia, AirAsia rose seven sen to RM2.78. It was the second most active stock with 6.93 million shares done.
RHB Research Institute raised 2016F-2018F profit by 6%-7% and target price to RM3.70 from RM 3.60.
“This is amidst forecast of a profitable 4Q16 for most associate airlines, lower jet fuel price in 2017 and expectation of AirAsia India reporting profit in 2018,” it said.
Weighing on the KLCI was Petronas Gas which fell 14 sen to RM21.30 while Axiata extended its losses, down five sen to RM4.26.
OldTown lost 13 sen to RM1.89, MSC gave up some gains to fall 10 sen to RM4.39, Genting Plantations shed eight sen to RM10.46 and Can-One
eight sen lower also to RM3.51. Puncak Niaga lost six sen to 94 sen on a lacklustre outlook.
KESM was the top gainer, up 26 sen to RM9.88, Lafarage added 18 sen to RM7.74 and Thong Guan 14 sen to RM4.28.
Hap Seng and Genting Malaysia advanced nine sen each to RM7.87 and RM4.72 affter a strong set of results.
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