Chinese Airlines Surge by Daily Limit in Shanghai as Oil Slumps
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Chinese airlines surged by their daily limit in Shanghai today on optimism declining oil prices will boost profitability as the carriers prepare to release full-year earnings next week.
The A-share listings of Air China Ltd., China Eastern Airlines Corp. and China Southern Airlines Co. rose by the 10 percent maximum at 1:39 p.m. local time, extending the year’s gains as New York-traded oil neared a six-year low. Their Hong Kong-traded stocks were also stronger, each rising at least 5 percent.