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KUALA LUMPUR: AirAsia Group Bhd
Bursa Malaysia shares gained momentum on Wednesday morning as the airline group seeks to gain final approval for its loan business, BigPay, for the first quarter of next year (Q1 2021).
Last month, AirAsia was among the eight “licensed credit community” companies that were approved by the Ministry of Housing and Local Government (KPKT) to make loans online.
“We expect to receive final approval from KPKT in the first quarter of 2021 before we officially implement the loan services in Malaysia.
“We are also working on insurance and wealth management services that are expected to be deployed in Malaysia next year, subject to regulatory approvals,” the group said in a presentation to Bursa Malaysia yesterday.
Following the announcement, AirAsia Group and its sister company, AirAsia X Bhd, emerged as the top three most active stocks in Bursa Malaysia this morning.
At 10 am, AirAsia Group shares rose five sen to 93 sen, while AirAsia X rose 3.5 sen to 10.5 sen.
Rakuten Trade Sdn Bhd said that AirAsia Group had broken through its key resistance level of 83.5 sen yesterday after a short period of consolidation.
“Recent trading activities saw buying interest surge as the share price traded above key moving average lines.
“Therefore, we expect the share price to continue to gain momentum, potentially flying towards RM1, as it is one of the main beneficiaries of the recovery plays,” the research firm said in a note today. – Bernama
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