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Shares in AirAsia, Southeast Asia's biggest budget airline, lost almost eight percent on Monday in Kuala Lumpur after one of its jets disappeared with 162 people on board. The firm slumped 12% to 2.60 ringgit at the open but recovered slightly to sit at 2.71 ringgit, still down 7.82%, by 0315 GMT.
In This Pic : AirAsia shares lose 8% in Malaysia
Pic Courtesy : BCCL - Non Copyright
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AllianceDBS downgraded AirAsia from buy to hold, saying the company's debt burden will be heavier next year as the US dollar gets stronger. Analyst Tan Kee Hoong said with most of AirAsia's borrowings denominated in dollars, the weaker ringgit will lead to more expensive repayments.
In This Pic : AirAsia shares lose 8% in Malaysia
Pic Courtesy : BCCL - Non Copyright
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In addition, the airline may not fully benefit from the lower oil prices because management had indicated that some of the fuel cost savings will be passed back to consumers via lower fuel surcharges, he said.
In This Pic : AirAsia shares lose 8% in Malaysia
Pic Courtesy : BCCL - Non Copyright
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