Asian stock markets had a good day yesterday, with indexes in Tokyo, Hong Kong, Singapore and Sydney rising 1.4%, 5.3%, 3.0% and 0.3%, respectively, yesterday after a strong lead from Wall Street. Today could be a very different story for the region's airlines, with oil prices rising another USD1 to USD63.45 in New York overnight, while the Dow Jones Industrial Average fell by over 2%.
Among the risers yesterday were Virgin Blue (+9.3%), Air China (+5.0%), Singapore Airlines (+4.2%), Thai Airways (+2.7%) and Qantas (+2.3%). Cathay Pacific underperformed the Hang Seng, rising just 2.1%, while Japan Airlines and ANA were steady.
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Asia Pacific selected airlines daily share price movements (% change): 27-May-09
Source: Centre for Asia Pacific Aviation & Reuters