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Korea Investors Service takes Kumho Asiana companies off watch-list

Shares in Asiana Airlines soared 6.8% as parent company, Kumho Asiana Group, gained on reports that Moody’s-affiliated Korea Investors Service removed Kumho-related companies from its watch list for a credit downgrade.

Shares in Korean Air gained 2.1%, reflecting overall market improvements. Also in North Asia, Skymark Airlines declined 3.0% while ANA remained flat yesterday. Among the listed Chinese carriers, Hainan Airlines slipped 0.2%, while China Southern remained stable and Cathay Pacific, Air China and China Eastern all gained, by 1.2%, 1.4% and 2.1%, respectively.

In Southeast Asia, most stock exchanges gained yesterday, on continued optimism about the region’s growth prospects. The notable exception was Singapore’s main share index, which bucked the regional trend, closing down 0.1%. Shares in Singapore Airlines fell 1.4%.

Asia Pacific selected airlines daily share price movements (% change): 17-Jun-2010