Chinese shares slumped 6.3% on 18-Nov-08 on profit taking and as investors considered the weak outlook for the global economy. Chinese airport shares were not spared the sell-off (with the exception of Beijing Capital Airport), with Guangzhou, Shanghai and Xiamen airports falling 9.7%, 9.6% and 5.9%, respectively on the day.
Selected airports daily share price movements (% change): 18-Nov-08
But Beijing Capital Airport bucked the trend, with its shares rising 0.7%, as it unveiled much better than expected Oct-08 traffic (+24.6% year-on-year). The airport reported a 29% surge in domestic and 10.4% increase in international passenger numbers as security restrictions were eased. The airport forecasts a 10% lift in passenger numbers in 2009 after a very subdued 2008.
Beijing Capital International Airport passenger numbers and passenger numbers growth (% change year-on-year): Nov-07 to Oct-08
Freight demand has also bounced back in recent months.
Beijing Capital International Airport passenger numbers vs cargo volume growth (% change year-on-year): Nov-07 to Oct-08
Malaysia Airports also bucked the trend yesterday, rising 7.3% amid a broader market fall of 0.1%. Reasons for the sharp rise are not immediately apparent.