Jazeera Airways and Kuwait National Airways down, Air Arabia and Kenya Airways make gains

Jazeera Airways (-7.0%) and Kuwait National Airways (-1.9%) were both down at the end of trading on Wednesday (02-Jun-2010). The Kuwait Stock Exchange (+0.1%) started the day strongly on news Standard & Poor's affirmed an ‘AA-/A-1+’ sovereign credit rating for the country.

S&P stated Kuwait has a stable outlook and strong fiscal position. However, the market closed only slightly higher at the end of trading.

Kuwait signed an MoU with the UAE to expand civil aviation cooperation between the nations in the areas of exchange of expertise, consultations and information on inspection, licensing, investigation of air crashes and assessment. No further details were disclosed.

Elsewhere in the Middle East, Air Arabia (+0.4%) gained slightly. Group CEO, Adel Ali, stated during trading that new JV, Air Arabia Egypt, would take delivery of three to four aircraft shortly. The carrier launched operations with Alexandria-Khartoum service with two A320s on 01-Jun-2010. Air Arabia Group plans to grow “organically”, with four aircraft scheduled for delivery in 2010 and six in 2011. Air Arabia operates a single aircraft-type fleet of 23 A320s.

Royal Jordanian (+0.6%) also rose, despite a 0.8% decline in the Amman Stock Exchange.

In Africa, Kenya Airways (+1.8%) was the session’s only gainer. Comair and 1time Holdings were flat, while Lonrho (-4.4%) declined.

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Selected African and Middle Eastern airlines share price movements (% change): 02-Jun-2010