I can't comprehend why these 2 largest shareholders have been selling. Wellington, perhaps are pulling themselves away from emerging markets. EPF? Well, you do not know what they are doing right? In my mind, they are buying worse off stocks. One should know, EPF will be able to control Malaysian stocks easily (which is also why the world have been facing selloff in the last 1 month while KLCI basically moved a fraction lower as against others.) If you noticed, now, basically EPF have been the biggest trader by far - and I am not surprise they have been supporting buying mostly composite stocks.
If one noticed, the last 5 trading days, despite both EPF and Wellington traded about 30% of the total traded, Airasia's shares have been trading around the RM1.36 to RM1.40 band. Someone must be buying religiously as well.
Well, I am not going to speculate on what happened, anymore.