Tuesday, February 22, 2011

Bursa Malaysia: AirAsia, MAS down as oil price surges to October 2008 high at nearly USD94

KUALA LUMPUR: Shares of low-cost carrier AIRASIA BHD [] and MALAYSIAN AIRLINE SYSTEM BHD [] (MAS) fell on Tuesday, Feb 22 as US light crude oil spiked up to US$93.82 as violence intensified in oil producer Libya.

At 3.48pm, AirAsia was down 16 sen to RM2.60 with 14.88 million shares done while MAS lost five sen to RM2.03 with 1.14 million units done.

US light crude oil surged US$7.62 to US$93.82, the highest since October 2008. London-traded Brent was up US$2 to US$107.73.

News reports, quoting Goldman Sachs Group Inc, said Brent may trade between US$105 and US$110 a barrel in coming weeks if uncertainty continues.

The reports said there were concerns the contagion would spread through the Middle East.

Source: The Edge 22 Feb 2011

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