Asian airline shares closed the week generally higher on Friday, with Chinese transportation stocks among the big gainers. China Eastern soared 13.7%, while China Southern rose 9.2%, despite the rise in the oil price above USD66 per barrel. Air China rose 1.1%, while cross-equity partner, Cathay Pacific, was 0.6% higher.
Virgin Blue was steady, while Qantas rose 1.5%, despite a worsening international yield report. RBS Equities reiterated its “sell” rating on Qantas, noting, “while a number of indicators are suggesting that we may have seen the worst of the declines in the economic environment, we are not so sure. April's traffic showed both good and bad news, but risks remain to the downside”.
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Asia Pacific selected airlines daily share price movements (% change): 29-May-09