Airlines suffered huge losses due to the coronavirus pandemic. Moreover, the industry is struggling is to cope with problems. The top priority for some of them is to avoid the worst-case scenario. Moreover, the pandemic is not over yet, and it could several years to return to pre-coronavirus pandemic levels. Hopefully, shares of airlines in Asia-Pacific saw gains on the day. However, before discussing shares of famous airlines, let’s have a look at the stocks in the region.
It is worth mentioning that, stocks in Asia-Pacific were mixed on Tuesday. In Japan, the Nikkei 225 added 0.26% to close at 24’905.59. At the same time, the Topix index gained 1.12% to finish its trading day at 1’700.80.
Moreover, South Korea’s Kospi index advanced 0.23% to 2’452.83.
Interestingly, in Southeast Asia, the Straits Timex index in Singapore soared 3.37% in afternoon trade. Furthermore, the SET Composite Index in Thailand also added more than 4%.
However, mainland Chinese stocks fell on November 10. The Shanghai Composite dropped 0.4% to about 3’360.15. In the meantime, the Shenzhen Component declined 1’045% to approximately 13’993.34.
Based on the information provided by the country’s National Bureau of Statistics, China’s consumer price index rose 0.5% in October from a year ago. Interestingly, the producer index for China declined 2.1% year-on-year in October.
Hong Kong’s Hang Seng index gained 1.1% to end its trading day at 26’301.48.
Australia’s S&P/ASX 200 advanced 0.66% to close at 6’340.50.
Shares of Airlines and coronavirus pandemic
As mentioned earlier, shares of airlines in Asia-Pacific jumped on Thursday. The sector sustained significant losses due to the coronavirus pandemic. Investors are closely monitoring the situation as they want to learn more about the situation. Importantly, investors in the region reacted to positive developments regarding the coronavirus vaccine.
For example, in Australia, Qantas added 8.33%. Moreover, Japan Airlines also saw its stock in Japan jump 21.21% while ANA Holdings added 18.06%.
Interestingly, South Korea’s Korean Air Lines gained 11.24%. In Hong Kong, shares of Cathay Pacific added 14.06% while China Eastern Airlines rose 7.93%.
Let’s have a look at other important information. Investor focus on Tuesday was likely on Pfizer and BioNTech’s announcement on Monday. According to this announcement, the vaccine was more than 90% effective in preventing Covid-19 among participants without evidence of prior infection. The coronavirus pandemic continues to dominate the headlines and it is not surprising that the news about the vaccine helped to boost shares on Tuesday.