Kingfisher shares rebound; PIA surges; China Southern shares weaken


Kingfisher shares rebounded on Friday, gaining 8.9% following the previous day's 10.1% slump. Also on Friday, Jet Airways' shares gained 0.5%, following the previous days decline of 5.6%. SpiceJet shares were down 4.2% on Friday, following an 8.6% decline on the previous day.

  • Kingfisher shares rebounded by 8.9% following a previous day's slump of 10.1%.
  • Indian airline stocks declined as the government intervened to regulate high fares for last-minute bookings.
  • Pakistan International Airlines saw a surge of 7.6% in its shares.
  • China Southern shares lost 4.7% after announcing plans to launch a new service.
  • Cebu Pacific shares declined by 1.7%, while parent company JG Summit Holdings saw a steeper decline of 2.7%.
  • JG Summit Holdings approved a plan to raise funds by selling up to 2.09 billion shares.

Indian airline stocks declined last week as the Government intervened to curtail airlines from charging high fares for last-minute bookings. India's Directorate-General of Civil Aviation (DGCA) has reportedly issued new directives to Indian carriers requiring them to lower certain fees from their website that the DGCA deemed exorbitant and has asked carriers to explain why certain fares were higher than others.

Also in the region, shares in Pakistan International Airlines surged 7.6% on Friday.

Asia Pacific selected airlines daily share price movements (% change): 10-Dec-2010

On the other end of the spectrum, shares in China Southern lost 4.7% on Friday. The carrier has announced plans to launch Guangzhou-Melbourne-Auckland service on or before 30-Apr-2011.

Shares in Cebu Pacific declined 1.7% on Friday while shares in parent JG Summit Holdings lost 2.7%, the steepest decline this month. The company stated its board approved a plan to raise funds by selling up to 2.09 billion shares.

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