STOCKS | Cathay, Mainland Airlines Fall As Oil Prices Rise On Iran Shipping Attacks

Cathay Pacific (00293) fell 2.7% to HK$14.18, while China Eastern Airlines (00670) dropped 2.7% to HK$2.665, Air China (00753) lost 2% to HK$3.74 and China Southern Airlines (01055) declined 2.1% to HK$3.015, according to ETNet. The moves came after reports that Iran attacked 10 ships near the Strait of Hormuz following the U.S. sinking of five Iranian oil tankers, in what was described as the largest retaliatory strike on the shipping sector since the U.S.-Iran conflict began. Brent crude briefly jumped 3.74% to a high of $101.58 a barrel before closing up 3.36% at $101.21, while U.S. crude rose 3.24% to $96.05. Latest prices showed U.S. crude at $96.79, up 0.77%, and Brent at $101.60, down 0.06%. Hong Kong stocks were also lower, with the Hang Seng Index down 338 points, or 1.3%, at 24,936. The Hang Seng China Enterprises Index fell 112 points, or 1.3%, to 8,256, while the Hang Seng Tech Index dropped 76 points, or 1.7%, to 4,344. Mainboard turnover was nearly HK$28.4 billion.