Air China, China Eastern, China Southern fall back after solid gains – SHARE WRAP
Chinese airlines out – Indian airlines in. Investors dumped Chinese airline shares yesterday, with China Eastern falling the most (-5.5%) and Air China, Shanghai Airlines and China Southern slipping 5.3%, 5.0% and 4.1%, respectively. Shares in these airlines however remain between 10-30% above levels at the start of 2009, on investor optimism about the outlook for demand.
Meanwhile, Indian airlines surged, although there was no apparent reason for the enthusiasm. Jet Airways vaulted 20% yesterday, while Kingfisher and SpiceJet added 11% and 7.7%, respectively, as the broader Sensex index climbed 2%.
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Asia Pacific selected airlines daily share price movements (% change): 08-Apr-09
Source: Centre for Asia Pacific Aviation & Reuters