Fri, August 19, 2022

Hong Kong Airways’ Stocks Decline

Stock markets on June 9

The organizers behind the protests in Hong Kong planned to rally outside the office of Cathay Pacific on Wednesday.

Hong Kong-based Cathay Pacific’s shares decline in Asian trading on Wednesday due to rallies against the HK carrier.

Cathay Pacific Airways Ltd (0293) went down by 1.75%, or 0.18 points, in yesterday’s trading sessions.  Stocks of the carrier exchanged at 10.10 Hong Kong dollars and has extended to ranges between 10.04 HKD and 10.40 HKD.

And the CPCAY or Cathay Pacific Airways Ltd ADR declined by 0.18% or 0.01 points. CPCAY sold for 6.63 US dollars and has hit levels from 6.58 USD to 6.69 USD in Wednesday’s session.

Aside from the HK carrier, other Hong Kong and Chinese stocks entered negative territories in yesterday’s sessions.

The Hang Seng index edged down by 0.19% or 48.59 points. The benchmark Shanghai composite index or SSE went down by 0.29%, or 0.43 points, in Wednesday’s trading.

And the Shenzhen composite index or SZSE declined by 0.13% or 2.00 points.

Cathay Pacific Rallies

Hundreds of Hong Kong protestors gathered yesterday demanding Cathay Pacific to rehire their employees.

Trade union organizers first planned to hold the rally in front of the office of Cathay airlines. However, the plan was moved to the HK’s Central business district.

The crowd of protesters called out the HK carrier for dismissing their employees who were involved in anti-government protests. Just recently, Cathay Pacific’s management fired over 20 employees including pilots and crew members.

The company released a statement saying that it will not tolerate and support “illegal protests” from their employees. The statement came after Beijing called out the airline for allowing its employees to take part in rallies, saying that it did not act quickly enough.

The airway company’s CAO has resigned earlier this month following the recent events.

Cathay Pacific is not the only company that has been affected by the rallies. Businesses in Hong Kong have also prohibited their employees from taking part in rallies.

Some of HK’s major accounting firms have also restricted their staff from speaking out in their social media accounts.

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