Airlines and banks show strong decline in Asian region

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Most stock exchanges in the Asian region showed small losses on Tuesday. The airlines, in particular, were under pressure from fears of stricter measures in Europe to curb the further advance of the SARS. In Japan, investors had another day off. The Tokyo Stock Exchange will resume on Wednesday.

In the meantime, the main index in Shanghai recorded 0.5% in the min and the Hang Seng index in Hong Kong dropped 0.7%. Chinese airlines China Eastern Airlines and China Southern Airlines dropped by more than 4% following the massive price losses in the European aviation industry. Cathay Pacific dropped 1.4 percent. Well, the British banks HSBC (minus 2.9%) and Standard Chartered (minus 2.4 percent), both of which are listed in hong Kong, went to go down further following the revelations about their involvement in suspicious transactions in the banking sector.

ASM Pacific Technologies (ASMPT), a chip company, climbed around 6% after reports that the company might disappear from the Hong Kong Stock Exchange. The former subsidiary of ASMI is said to be in contact with potential investors. ASMI currently holds a stake of approximately 25% in ASMPT, which denies any plan to leave the stock exchange.

In Sydney, All Ordinaries lost 0.7%. The Australian airline Qantas was one of the strongest losers with a loss of 1.6%. The Kospi in Seoul was a negative outlier with an intermediate loss of 2.6 percent. The South Korean Air Lines company turned in 2.1 percent.

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Oliver I. Kjeldsen

Oliver I. Kjeldsen has a corporate finance and extensive expertise in company audit. He grants us amazing insights on taxation, international affairs and friendly advice on nearly any topic of interest. His email is [email protected]

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