Wipe out for Chinese airline shares

Shares in China Eastern, China Southern, Air China, Shanghai Airlines and Hainan Airlines were battered down by 15.1%, 13.6%, 10.2%, 7.5% and 6.5% on 24-Nov-08, although reasons for the heavy sell-off are not immediately apparent. The big three carriers issued separate statements indicating they were not aware of any reasons for such decreases.

There was also heavy selling in Thai Airways and Air Arabia shares yesterday, while SpiceJet shares rose after its CFO quit and the carrier unveiled deep September quarter losses. Qantas shares rose 5% ahead of today's announcement of further capacity cuts.

Asia Pacific selected airlines daily share price movements (% change): 24-Nov-08