AirAsia shares have plunged by 70% year to date, battered by surging jet fuel prices and foreign exchange losses. (EPA Images pic)PETALING JAYA: AirAsia Group Bhd shares surged today as crude oil prices dropped sharply on growing hopes for an end to the Iran war following the US midterm elections where President Donald Trump’s Republican Party suffered a drubbing.
AirAsia shares jumped as much as 25% or 11.5 sen to 57 sen this morning as Brent crude fell below US$100 per barrel yesterday, the first time since Oct 7.
The stock pared some of its gains in the afternoon session, and was trading at 54 sen, an 8.5 sen or 18.7% increase, at the time of writing. At this price, AirAsia has a market capitalisation of RM1.81 billion. A total of 81 million shares were traded.
