[Featured Stock] Airline Shares Plunge Over 20% Amid Earnings Concerns
[Asia Economy Reporter Koh Hyung-kwang] As the aviation industry is expected to suffer significant damage due to the impact of the novel coronavirus infection (COVID-19), airline stocks such as Korean Air and Asiana Airlines are showing a decline of more than 20%.
As of 2:20 PM on the 19th, Korean Air was traded at 13,800 KRW, down 23.7% from the previous trading day.
At the same time, Asiana Airlines was traded at 2,585 KRW, down 20.2% from the previous session. Jeju Air (-25.5%), Jin Air (-29.6%), and Air Busan (-20.7%) also showed a sharp decline simultaneously.
Hot Picks Today
As Samsung Falters, Chinese DRAM Surges: CXMT Returns to Profit in Just One Year
- "Most Americans Didn't Want This"... Americans Lose 60 Trillion Won to Soaring Fuel Costs
- Man in His 30s Dies After Assaulting Father and Falling from Yongin Apartment
- Samsung Union Member Sparks Controversy With Telegram Post: "Let's Push KOSPI Down to 5,000"
- "Why Make Things Like This?" Foreign Media Highlights Bizarre Phenomenon Spreading in Korea
This is due to the forecast that the global spread of COVID-19 will severely worsen the performance of the aviation industry. Ryu Je-hyun, a researcher at Mirae Asset Daewoo, said, "Virus fear has swept over airline stocks," adding, "The first half of this year will inevitably see a deterioration in performance due to overlapping negative factors."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
