AirAsia extends gains, Virgin Blue extends losses
AirAsia's (+2.5%) shares continued to rise yesterday as investors digested the carrier's positive first quarter earnings report. OSK Research Sdn Bhd upgraded the airline's stock from "neutral" to "trading buy" after the airline's management signaled potential "corporate exercises" for two units, Thai AirAsia and Indonesia AirAsia.
- AirAsia's shares continue to rise following positive first quarter earnings report.
- OSK Research upgrades AirAsia's stock from "neutral" to "trading buy" based on potential corporate exercises for Thai AirAsia and Indonesia AirAsia.
- Virgin Blue's shares plummet after a shock profit warning, losing all gains from the previous day.
- Kingfisher and Korean Air also experience a drop in share prices.
- Qantas and Malaysia Airlines see slight increases in their share prices.
- Overall, the aviation market in the Asia Pacific region shows mixed performance.
See related report: AirAsia's profits hit by rising fuel costs: Near term outlook solid, squeeze in 2011?
At the other end of the scale, Virgin Blue gave up all of Monday's gains, slumping 7.6% yesterday (and a further 1.6% in morning trade today) in the aftermath of Friday's shock profit warning.
Kingfisher (-3.7%) and Korean Air (-2.6%) also dropped back, while Qantas (+1.2%) and Malaysia Airlines (+0.5%) edged higher yesterday.
Asia Pacific selected airlines daily share price movements (% change): 01-Jun-2010
Source: Centre for Asia Pacific Aviation & Reuters