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Airline shares hit by flu fears Airline shares hit by flu fears
(about 2 hours later)
Asian stock markets have fallen in Monday trading, with airlines leading the declines on fears over the economic impact of the swine flu outbreak. Global shares have fallen in Monday trading, with airlines leading the declines on fears about the economic impact of the swine flu outbreak.
With the outbreak in Mexico spreading to the US and Canada, shares in Hong Kong's Cathay Pacific Airways were 8% lower in afternoon trade. With the outbreak in Mexico spreading to the US and Canada, shares in British Airways were down 8% in early trading.
Its loss was echoed by carriers across the region, with shares in Japan Airlines ending the day down 4.5%. Australia's Qantas and Hong Kong's Cathay Pacific earlier fell sharply. Tourism shares were also markedly lower, with Thomas Cook down 7.9%.
Investors fear the flu outbreak may lead to global travel restrictions.Investors fear the flu outbreak may lead to global travel restrictions.
In Hong Kong, the main Hang Seng index was down 2.7%, or 416 points, at 14,843 in afternoon trading. 'International concern'
Meanwhile, Japan's Nikkei ended the day down 0.4%, or 32 points, at 8,676.45.
Australia's main share index closed down 0.3%, with shares in airline Qantas shedding 3.5%.
Analysts said investors were more cautious than panicked, but still concerned that if the outbreak worsened, especially in the US, it could potentially derail economic recovery efforts.Analysts said investors were more cautious than panicked, but still concerned that if the outbreak worsened, especially in the US, it could potentially derail economic recovery efforts.
"Investors are already sitting nervously looking for excuse to sell off and what better than swine flu," said Miles Remington, head of Asian sales trading at BNP Paribas Securities in Hong Kong. "Investors are already sitting nervously looking for excuses to sell off and what better than swine flu," said Miles Remington, head of Asian sales trading at BNP Paribas Securities in Hong Kong.
The UK's main FTSE 100 index was down 1.2% or 50 points at 4,106 in early trading, while Germany's Dax had lost 1.9%.
Hong Kong's Hang Seng had earlier lost 2.7%.
The World Health Organization has declared the flu a "public health emergency of international concern", warning that it could spark a pandemic, or global outbreak.