AirAsia and Air China shares gain ground - SHARE WRAP
AirAsia’s shares leapt 6.5% yesterday, outperforming a 1.8% increase in the benchmark Kuala Lumpur Composite Index. The ASEAN carrier has announced a slew of new routes lately, including to Chengdu and Xian in China, as well as gaining rights to launch Langkawi-Singapore services soon.
Air China meanwhile leapt 10.2% yesterday. The carrier and its parent are playing saviour to several carriers, including Air China Cargo (recent buy-out of the 24% stake it did not own), East Star Airlines (takeover of the private carrier’s Wuhan-based operations) and Air Macau (comprehensive codeshare arrangement). Investors are increasingly confident of Air China’s (and Beijing’s) traffic outlook.
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Asia Pacific selected airlines daily share price movements (% change): 06-Apr-09