03-May-2011 12:51 PM
Korean carriers spike on heavy trading
Analysis
Korean Airlines and Asiana Airlines shares spiked yesterday on better investor confidence, as Korea's benchmark Kospi rose 1.67%, reflecting improved US sentiment. Shares in Korean Air rose 6.6%, while Asiana Airlines rocketed up 11.5%, with both stocks hitting their highest points since 21-Feb-2011.
Summary
- Korean Airlines and Asiana Airlines shares spiked on improved investor confidence.
- Korean Air shares rose 6.6% and Asiana Airlines shares surged 11.5%.
- Both stocks reached their highest points since 21-Feb-2011.
- Market sentiment eased, leading to a drop in share prices for both airlines.
- Korean Air shares dropped 3.2% and Asiana Airlines shares were down 5.2%.
- Some Asian markets were closed for trading due to the Labor Day holiday.
As market sentiment eased this morning, both stocks have dropped. Over the first two hours of trading on the Korea Stock Exchange, Korean Air shares dropped 3.2% and Asiana Airlines shares were down 5.2%.
Markets in Japan, Australia, Indonesia and the Philippines closed higher yesterday, but markets in Hong Kong, Shanghai, Taipei, Singapore, Kuala Lumpur and Bangkok were closed for trading due to the Labor Day holiday.