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KUALA LUMPUR (Dec. 9): AirAsia Group Bhd’s shares in Bursa Malaysia gained momentum this morning as the airline group seeks final approval for its loan business, BigPay, for the first quarter of next year (1Q21 ).
Last month, AirAsia was among the eight “authorized credit community” companies that obtained approval from the Ministry of Housing and Local Government (KPKT) to make loans online.
“We expect to receive final approval from KPKT in 1Q21 before officially launching 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 yesterday in a presentation to Bursa Malaysia.
Following the announcement, AirAsia Group and its sister company, AirAsia X Bhd, emerged among Bursa Malaysia’s top three most active stocks 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 AirAsia Group broke 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 RM1.00, as it is one of the main beneficiaries of the recovery plays,” the research firm said in a note today.
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