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China Eastern falls as Air China’s parent reduces stake

China Eastern Airlines’ shares slumped 5.2% yesterday as the benchmark Shanghai composite index retreated 1.7% on profit taking.

Air China's parent company, China National Aviation Holding Corp (CNAHC) also confirmed it sold 20 million H-shares of its Shanghai-based rival on 28-Jul-2010 reducing its stake from 5.29% to 4.72%. No reason for the sale was disclosed.

Hainan Airlines (-4.1%) also fell heavily, while Korean airline stocks also fell.

Qantas and Air New Zealand gained 0.8% and 0.9%, respectively as stock markets in both countries were in positive territory.

Asia Pacific selected airlines daily share price movements (% change): 03-Aug-2010