Singapore Airlines surges on lower oil prices
SINGAPORE, April 13 — Shares of Singapore Airlines (SIA) , the world’s second most valuable carrier by market capitalisation, surged as much as 3 per cent today as lower crude oil prices helped to boost outlook for the company, traders said.
At 0146 GMT, SIA shares were 2.4 per cent higher at S$13.76 (RM33.02) with over 1.2 million shares changing hands.
“The falling oil prices will relieve some of the cost pressures on airlines so this is good for SIA, whose shares have been beaten down due to the high prices,” said a local trader.
US crude futures extended their declines into a third day tonesday, falling to US$106 a barrel, down more than 6 per cent from a 32-month peak marked this week on concerns that prices had risen too far and could curb demand. — Reuters