KUALA LUMPUR, Nov 5 – Shares of AirAsia Group Bhd and Capital A Bhd attracted strong investor interest during early trading on Thursday, as both stocks recorded significant gains amid a decline in global crude oil prices.
AirAsia shares rose 10 sen, or 21.97 per cent, to 55 sen. The counter recorded 47.96 million shares traded as at 10.07 am.
Meanwhile, Capital A gained four sen, or 17.39 per cent, to 27 sen, with 27.30 million shares changing hands.
Global Oil Prices Move Lower
The gains came as crude oil prices weakened in the international market.
At the time of writing, Brent crude futures had fallen 0.73 per cent to US$93.93 per barrel. West Texas Intermediate (WTI) crude also declined 0.91 per cent to US$87.32 per barrel.
Lower oil prices can help reduce fuel-related cost pressures for airlines. Fuel is one of the major operating expenses in the aviation industry.
Investors Monitor US-Iran Developments
Market sentiment was also influenced by developments surrounding the United States midterm elections.
Oil prices reportedly declined as investors considered whether a Democratic victory could speed up efforts to end the war involving the United States and Iran.
Investors will continue monitoring global oil prices and geopolitical developments for possible effects on market performance.
Source : BERNAMA | Rewritten By Minutesmy
