Thai Airways up as State of Emergency lifted, Air China advances, Virgin has the blues - Share wrap
Thai Prime Minister, Abhisit Vejjajiva, lifted the emergency order in Bangkok on 24-Apr-09 after 12 days. The official return to normalcy helped Thai stocks on Friday, with Thai Airways advancing 8.3%.
Meanwhile, Air China rose 4.2%, China Southern rose 5.3% and China Eastern gained 1.4% on a broker upgrade for Air China, citing traffic rebound and the potential for increased fares. EVA Air was steady after its board approved a reduction of the company's capital by 42.6%. The company also plans to raise over USD200 million in fresh capital on the open market.
Virgin Blue's shares slipped 5.1% as the carrier confirmed plans to defer the fifth and sixth B777 for V Australia, while Tiger Airways launched an aggressive discount promotion across its network, including the lucrative Sydney-Melbourne market that Tiger is entering in July.
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Asia Pacific selected airlines daily share price movements (% change): 24-Apr-09
Source: Centre for Asia Pacific Aviation & Reuters