EVA and China Airlines stock surges; Chinese stocks rebound from four-day plunge
China stocks rebound from four-day plunge
China’s stocks rose yesterday, rebounding from a four-day, 9% plunge that left shares trading at the cheapest in five weeks. Air China rose the most in two weeks in Shanghai trading, leading an advance for airlines on prospects for a stronger yuan. In Hong Kong, China Eastern shares gained 6.5% with Air China up 4.0% and China Southern shares 2.4% stronger.
Credit Suisse Group AG stated investors should buy A-shares and short-sell H-shares of some dual-listed company in China, stating that mainland China-listed A shares of some companies are undervalued compared with their Hong Kong-listed H share prices. The analysts named 10 dual-listed companies, including China Eastern Airlines Corp, that support this assertion.
Virgin Blue stock upgraded by RBS
Cebu Pacific shares gained 4.5% yesterday with the company one of the leaders of a 1.3% rebound on the Philippine Stock Exchange.
Asia Pacific selected airlines daily share price movements (% change): 18-Nov-2010