China Southern Airlines’ shares fell 4.7% yesterday as the carrier’s parent stitched up yet another massive credit agreement, this time with Bank of Communications for a three-year USD2.2 billion credit line. The deal covers loans and lease financing, to support the Chinese carrier’s liquidity amid the financial crisis. The news dragged down China Eastern (-4.2%), Air China (-2.8%), Hainan Airlines (-2.2%) and Shanghai Airlines (-1.4%).
On the brighter side, Thai Airways and Singapore Airlines extended their rallies this week, rising 17.8% and 7.1%, respectively, despite a new IMF report saying Asia Pacific economies outside China and India face a deep and protracted recession.
Asia Pacific selected airlines daily share price movements (% change): 07-May-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.