However, earlier this week Malaysia Airlines said it had begun talks with various carriers, including Qantas, to form tie-ups including joint ventures.
The airline's chief executive Idris Jala had previously denied reports that the Malaysian and Australian carriers were in merger talks.
In the banking sector, Westpac gained 35 cents to $16.38, Commonwealth Bank lifted 44 cents $28.59, NAB picked up 61 cents or 3.19 per cent to $19.71 and ANZ increased 36 cents to $14.92.
In the US on Friday, Wall Street set aside fears that the US car industry would soon collapse after the Treasury Department said it was prepared to funnel cash to the nation's big three automakers - General Motors, Ford and Chrysler.
On the wider economy, Mr Evans noted that while the Reserve Bank of Australia had cut interest rates aggressively and the federal government had begun a "sizeable" fiscal stimulus program, more is needed.
"These actions will help to offset the effects of the global slowdown but I believe more will be required," he said.
Bank stocks are still in turmoil as a result of capital raisings, with the Commonwealth Bank announcing this morning that it was issuing $750 million in new shares. When trading in the bank's shares resumed after a halt this morning, they fell 61 cents, or 2%, to $29.39.
Westpac, which came out of a halt this morning, was punished for yesterday's $2.5 billion capital raising - its shares plunged $1.48, or 8.3%, to $16.40, taking them closer to the $16 issue price of the new shares.
ANZ head of economics Warren Hogan said the global financial crisis was affecting the Australian labour market.
"As a leading indicator of economic conditions in Australia, the latest job advertisements data suggest the global financial crisis has had a substantial impact on the Australian economy in the December quarter," he said.
