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Virgin Blue bounces and Kingfisher extends gains as Asian stocks have a good day

Asia Pacific airline stocks were mostly higher yesterday, with Qantas (+2.0%), Singapore Airlines (+1.6%) and Cathay Pacific (+2.7%) among the gainers.

Virgin Blue bounced back 6% after a horror 28% fall on Friday related to its profit warning, while Kingfisher Airlines extended its gains after its FY2010 earnings report in which it disclosed it is budgeting for a profit in FY2011.

SpiceJet surged 5.9% and China Airlines gained 4.2%. AirAsia rose 4.3% after it disclosed a 10% increase in revenue and net profit in 1Q2010. See related report: AirAsia’s profits hit by rising fuel costs: Near term outlook solid, squeeze in 2011?

At the other end of the scale, Hainan Airlines (-5.8%) and Skywest (-5.2%) fell heavily, while Air New Zealand (-1.7%) lost further ground.

Asia Pacific selected airlines daily share price movements (% change): 31-May-2010