Double digit passenger and cargo growth in China for Aug-2009 - Share Wrap
CAAC reports Mainland Chinese airlines enjoyed a 42% increase in passenger numbers in Aug-2009, with cargo volume also up by double digits (+18%).
The improved passenger traffic reflects last year’s depressed levels, due to reduced travel associated with the Beijing Olympics.
CAAC Chief, Li Jiaxiang, has previously stated Chinese Mainland airline passenger numbers may rise by more than 20% in 2009, following on from growth in 1H2009 which made China’s passenger growth rate, of 16%, one of the highest worldwide.
Despite the upbeat traffic figures, shares in China’s major carriers were down yesterday, with Hainan Airlines, China Eastern, Air China, China Southern and Shanghai Airlines slipping by 4.4%, 4.1%, 2.9%, 2.4% and 0.5%, respectively. Cathay Pacific's shares slipped 2.5%.
Qantas yields down
Qantas' shares slipped 1.8%, upon the release of the carrier’s Aug-2009 traffic results, which revealed continued yield weakness for the carrier. See separate report: No end in sight for Qantas' international yield reductions
Air India reportedly cancelled 14 flights from Delhi yesterday, the third day of its pilot strike, including 12 domestic and two international services. Executive pilots of the airline have threatened to suspend operations for up to 15 days. India’s share market was closed yesterday.
Asia Pacific selected airlines daily share price movements (% change): 28-Sep-09