Asian airline stocks take flight, mining and building stocks soar
Shares in Asia climbed higher Tuesday. In Hong Kong the Hang Seng Index gained 1.3% to close at 22,113 and in China the Shanghai Composite Index rose1.3% to 3,235. In Japan, the Nikkei Index gained 2.4%, ending the day at 9,572.
In Hong Kong the airline sector surged. Air China (AIRYY) soared 9.8% having purchased a large stake in Cathay Pacific Airways and now hinting at a takeover of Shenzhen Airlines. China Southern Airlines (ZNH) also surged, adding 7.3% on the news that Goldman Sachs raised its estimate of the airline's share price. Cathay Pacific (CPCAY) rose 3.2% in today's trading. Meanwhile, China Eastern Airlines (CEA) climbed 5.9% after gaining approal to takeover Shanghai Airlines.