Chinese airlines shares rise as Beijing prepares for fresh stimulus package - share wrap
Chinese airline shares increased on 04-Mar-09, as Beijing prepares to unveil another stimulus package. Shanghai's benchmark index surged more than 6%, while Hong Kong's Hang Seng was up 2.47%.
Hainan Airlines was the most improved carrier on 04-Mar-09, up 5.2%, followed by Shanghai Airlines (+4.4%). Hong Kong-listed China Southern, China Eastern and Air China, rose 4.4%, 4.1% and 2.2%, respectively.
Air China submitted a request for a government cash injection of at least CNY3 billion (USD439 million) (the same level as requested in Dec-2008 by China Southern). The carrier also stated it could be profitable in 2009, with early results showing signs of improvement.
Asia Pacific selected airlines daily share price movements (% change): 04-Mar-09