China Southern, Air China, EVA Air, China Airlines battered again – SHARE WRAP
Investors continued to dump Asia Pacific airline shares yesterday amid rising concern over the swine flu outbreak. Again, it was the airlines hit hardest by the SARS outbreak in 2003 that copped a battering.
China Southern’s shares sank a further 11.2% yesterday (on top of Monday’s 14.6% fall), while Air China shed another 7.2% (after a 12.8% fall the previous day). China Airlines and EVA Air fell around 7% after similar falls on Monday. Cathay Pacific closed down 1.0% after sharp earlier falls.
Investors are clearly concerned bookings for the peak Summer travel period could be affected by the swine flu outbreak.
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Asia Pacific selected airlines daily share price movements (% change): 28-Apr-09
Source: Centre for Asia Pacific Aviation & Reuters