Cathay Pacific seeing “no signs of any sustained recovery” but 1H2009 profit expected

Asian airline shares were mixed on Monday (03-Aug-09), as Asian equity markets generally strengthened (with exception of the Tokyo Stock Exchange) and fuel prices increased again. Once again, the Chinese carriers were again stronger on Monday, led by China Southern, up 6.8%, as the Shanghai Stock market continued to strengthen, gaining 1.5% to its highest level since Mar-2008 (China's stock market has soared 85.2% in 2009, the largest increase among the world's major economies). Cathay Pacific added 1.8% (see below).