Airline stocks surge as jet-fuel prices fall
6 May 2008
Shares of China's three largest airlines all hit the 10% cap for increases in a single trading day on the Shanghai exchange Monday, state media reported. Mainland-listed A-shares for Air China, China Southern and China Eastern jumped to RMB16.31 (US$2.33), RMB13.92 (US$1.99) and RMB11.79 (US$1.69), respectively. Fifth-ranked Shanghai Airlines' shares also rose by 10%, while fourth-largest carrier Hainan Airlines climbed 9%. The price of jet fuel, the biggest cost for most Asian carriers, has fallen 5% since April 28, ending at US$137.85 per barrel in Singapore on Friday.
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