- Beijing Airport shrugs off share market blues as traffic storms back in Oct-08 (+24.6%).
Chinese shares slumped 6.3% on 18-Nov-08 on profit taking and as investors considered the weak outlook for the global economy. Chinese airport shares were not spared the sell-off (with the exception of Beijing Capital Airport), with Guangzhou, Shanghai and Xiamen airports falling 9.7%, 9.6% and 5.9%, respectively on the day.
Selected airports daily share price movements (% change): 18-Nov-08
But Beijing Capital Airport bucked the trend, with its shares rising 0.7%, as it unveiled much better than expected Oct-08 traffic (+24.6% year-on-year). The airport reported a 29% surge in domestic and 10.4% increase in international passenger numbers as security restrictions were eased. The airport forecasts a 10% lift in passenger numbers in 2009 after a very subdued 2008.
Beijing Capital International Airport passenger numbers and passenger numbers growth (% change year-on-year): Nov-07 to Oct-08
Freight demand has also bounced back in recent months.
Malaysia Airports also bucked the trend yesterday, rising 7.3% amid a broader market fall of 0.1%. Reasons for the sharp rise are not immediately apparent.
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.