Indian airline stocks declined on Wednesday as the Government intervened to curtail airlines from charging high fares for last-minute ticket bookings. Kingfisher shares slumped 7.3% following a 2.8% decline the previous day. SpiceJet shares were 1.8% weaker, following a decline of 2.3% the previous day while Jet Airways’ shares fell 3.7%.
The Government has been mounting pressure on airlines to reduce fares and publicly make available fares on a sector-by-sector basis after fares rocketed after Diwali, especially for last-minute or spot tickets.
AirAsia to establish Philippines JV
AirAsia shares gained 4.2% to MYR 2.72 yesterday marking a record close. The airline will set up a Philippines unit by 1Q2010, Philippine Board of Investments Head Cristino Panililio stated in an interview yesterday.
EVA Air shares gained 0.9% yesterday. The carrier reported continued double-digit passenger yield growth in Nov-2010 with yield increasing 35.1% to USD 8.21 cents. Cargo yield, however, declined 4.5% to USD 27.17 cents. The carrier handled 489,636, passengers in the month (-8.3% year-on-year) and 70,173 tonnes of cargo (+9%).
Asia Pacific selected airlines daily share price movements (% change): 08-Dec-2010
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