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AirAsia shares up nearly 6% after defending accounting practices

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Shares in AirAsia Bhd rose as much as 5.9 per cent in early trade on Thursday, the day after the Malaysian budget carrier said its accounting practices were solid after they were questioned by a research firm.

[KUALA LUMPUR] Shares in AirAsia Bhd rose as much as 5.9 per cent in early trade on Thursday, the day after the Malaysian budget carrier said its accounting practices were solid after they were questioned by a research firm.

The stock had fallen nearly 30 per cent, hitting five-year lows, since the June 10 report by little-known firm GMT Research spooked investors in Asia's biggest low-cost airline.

As at 0106 GMT the stock was trading at 1.6 ringgit and 4.6 per cent higher, against the 0.18 per cent drop in the index.

REUTERS