Mainland Chinese airline stocks slumped yesterday as the Shanghai Stock Market fell on concerns about rising tensions on the Korean Peninsula.
Hainan Airlines led the retreat, slumping 4.7%, while China Eastern and China Southern fell 4.0% and 3.6%, respectively. Air China fell 1%.
Across the Taiwan Strait, China Airlines and EVA Air gained 1.9% and 3.9%, respectively, as the local government stated it may raise the daily limit for tourist arrivals from the Mainland from 3000 to 4000, possibly from 01-Jan-2011, according to an Economic Daily News report.
Singapore Airlines gained 0.7% yesterday as its cargo unit, SIA Cargo, announced plans to acquire 16% of Shanghai-based China Cargo Airlines, subject to regulatory and other approvals.
See related report: Singapore Airlines heads back to China: Cargo unit acquires stake in China Eastern’s cargo venture
Asia Pacific selected airlines daily share price movements (% change): 20-Dec-2010
Source: Centre for Asia Pacific Aviation, Reuters & Financial Times