Hainan Airlines slumps, Virgin Blue jumps, Qantas, SIA and JAL also stronger: Share Wrap
Hainan Airlines shares' slumped 6.5% yesterday, despite reassurances from Chairman, Chen Feng, that the carrier would report a net profit in 1H2009. The carrier plans to release its financial report at the end of the month.
The HNA Group has also announced further plans to expand domestically, with the Group signing a cooperation agreement with Dalian Free Trade Zone Management Committee to develop the aviation industry in Dalian, including the establishment of Dalian Airlines. Shares in the other major listed Chinese carriers were also weaker yesterday.
Meanwhile, Qantas shares gained 3.5% yesterday, as several brokers reacted positively to Qantas' profit report, its cost cutting programme and market positioning. See related report: Jetstar and FFP save Qantas mainline as operating losses touch AUD30 million a month
Also in the Australian market, Virgin Blue shares jumped again, up 6.3% following the previous day’s 4.1% gain. Singapore Airlines was also stronger, up 0.6%, while Japan Airlines slipped 1.2%.
Asia Pacific selected airlines daily share price movements (% change): 19-Aug-09
