Saturday, May 24, 2008

Airline stocks decline in HK as oil prices hit 135 usd

Airline shares plunged in early trade as oil prices soared above 135 usd a barrel for the first time after US crude oil and gasoline supplies declined unexpectedly.

At 10:03 am, Air China was down 0.23 hkd or 4.15 pct at 5.3, China Eastern Airlines fell 0.09 hkd or 2.64 pct to 3.32, China Southern Airlines was down 0.22 hkd or 4.7 pct at 4.44 and Cathay Pacific

Airways was down 0.4 hkd or 2.58 pct at 15.1.

In early Asian trade, New York's main oil futures contract, light sweet crude for July delivery, rose to a new high of 135.04 usd a barrel before easing to 134.87.

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