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Air China, Korean Air, AirAsia shares surge on Goldman Sachs upgrade

Air China's shares surged 11.2% yesterday to a five-month high after Goldman Sachs upgraded the stock from "neutral" to "buy", stating investors could be "pleasantly surprised by a normalisation of international traffic". Air China is scheduled to report its Mar-2009 traffic in about two weeks.

Goldman also upgraded AirAsia and Korean Air from "sell" to "neutral" and their shares rose 3.2% and 5.1%, respectively. Cathay Pacific was also upgraded, but the carrier's shares eased 0.4%.

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Asia Pacific selected airlines daily share price movements (% change): 01-Apr-09