Investors dump AAX’s shares after its net profit dropped 98.3% to RM5.54 million in Q2 FY2023 from RM328 million in the preceding quarter.
The short selling of AAX’s shares was suspended after its last done price fell by more than 15 sen or 15% of the reference price this morning.
Bursa Malaysia said in a filing today the proprietary day trading and intraday short selling of AAX’s shares was halted after its last done price fell by more than 15 sen or 15% of the reference price.Under Bursa Malaysia’s rules, traders on can short sell a stock that he or she did not own and buy back the stock later the same day before market close.
The mid-range carrier posted yesterday its fourth consecutive quarterly net profit for its second quarter ended June 30 amounting to RM5.54 million compared to a net loss of RM652.52 million in the same period last year, as quarterly revenue soared 379% on the back of a surge in international travel as borders reopened.
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