Shares in the major Asia Pacific carriers were generally down on Friday (03-Jul-09), with Singapore Airlines, Qantas, Cathay Pacific and Japan Airlines all slipping, by 3.0%, 2.3%, 2.3% and 1.6%, respectively, reflecting general weakness in Asia Pacific markets.
Malaysia Airlines' shares slumped 5.4% on Friday, as the carrier continues to discount to stimulate passenger demand. Most recently, MAS launched a promotion allowing passengers on B747 services to London, Los Angeles, Sydney and Buenos Aires to upgrade from Business to First class for free, in addition to earning frequent flyer miles at 150%. The carrier last month also launched a global low-fare campaign, offering approximately six million seats at deeply discounted fares. According to Managing Director & CEO, Idris Jala, “with the airline industry facing an economic slowdown and the H1N1 flu affecting the business, we need to do more attractive promotions to boost sales”.
Asia Pacific selected airlines daily share price movements (% change): 03-Jul-09