Airport shares worldwide were weaker yesterday, led by Chinese airports, amid concerns that the world’s third largest economy’s government-stimulated growth may not be unsustainable.
The Shanghai Composite Index registered its biggest fall since Jun-2009 yesterday, down 6.7%, sending Shanghai-listed Xiamen, Guangzhou Baiyun and Shanghai airports’ shares plummeting 7.0%, 6.4% and 6.4%, respectively. Shares in Shenzhen, Beijing and Hainan Meilan airports were also weaker, down 5.5%, 5.3% and 3.9%, respectively.
The ripple was felt elsewhere in the Asia Pacific region with Macquarie Airports’ shares falling 1.5%, while Airports of Thailand fell a further 2.7% yesterday. Australia Infrastructure Fund went against the trend, continuing to rise (+4.0%) amid reports that it plans to sell its stake in Australia Pacific Airport Corp, owner of Melbourne Airport.
Selected airports daily share price movements (% change): 31-Aug-2009
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.