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Air Arabia in red despite China expansion news

Air Arabia in red despite China expansion news
Air Arabia
AIRARABIA
0.36% 2.78 0.01

Dubai-Mubasher: Air Arabia has reversed a two-day upward trend after the carrier confirmed news about expanding its footprint in China.

The stock declined by 0.6% to AED 1.720 in mid-day trading, after 5.2 million shares changed hands through 77 transactions at a total value of AED 8.9 million.

The company said in a statement posted on Dubai bourse’s website that it will start flights to Urumqi in China’s Xinjiang region, adding that the first flight will be launched to this city on Feb. 10, 2015.

Dubai bourse’s benchmark edged down 0.12% or 4.75 points until mid-day trading.

Photo Credit: Arabianeye-Reuters