My Account Menu

CAPA Login

Register to trial CAPA Membership!

Dark days for airline shares - Thai Airways and Qantas plunge over 7%


Thai Airways and Qantas were hit hard in waves of selling across Asian stock markets yesterday, falling 8.5% and 7.4%, respectively.

Qantas shares fell sharply as the stock went ex-dividend and amid broader market weakness. The carrier also cut its fuel surcharges by 35-45%. Thai Airways has been trading near 16-year lows established in mid-Jan-09 after a horror fourth quarter result.

Thai Airways share price: 01-Sep-08 to 02-Mar-09

Equities investors are jamming the exits around the world. Air China's shares slid 6.2% as Chairman, Kong Dong, stated it was uncertain whether the country's flag carrier could turn a profit in 2009 and indicated that the time was "not right" for further acquisitions in China. Shares in China Eastern - a former takeover target of Air China - slumped 6.7%.

AirAsia and Malaysia Airlines fell 2.6% and 2.2%, respectively, as investors digest their fourth quarter results.

Asia Pacific selected airlines daily share price movements (% change): 02-Mar-09

Want more analysis like this? CAPA Membership gives you access to all news and analysis on the site, along with access to many areas of our comprehensive databases and toolsets.
Find out more and take a free trial.