China Eastern, Air China, SpiceJet, Kingfisher, Jet Airways shares soar; AirAsia and SIA down
Airlines in China and India posted strong gains on the stock market to close out January. China Eastern and Air China soared 12.2% and 10%, respectively, while SpiceJet, Kingfisher and Jet Airways rose 9.0%, 6.9% and 5.4%, respectively.
Kingfisher's gains came despite worsening net earnings in the third quarter (ended 31-Dec-08). Hainan Airlines' shares rose as parent, HNA Group, confirmed is in talks with several local governments regarding the potential for further financial support.
AirAsia shares fell 2.8% as the Malaysian Deputy Prime Minister rejected the airline's plan to develop a USD460 million low cost airport with Sime Darby, near the existing Kuala Lumpur International Airport.
Singapore Airlines was also off 2.4% as the airline took delivery of its 19th B777-300ER - the airline's 77th B777. Investors may be concerned too much capacity is entering the SIA fleet amid the downturn in demand.
Asia Pacific selected airlines daily share price movements (% change): 30-Jan-09
