Cathay Pacific plunges; China guides yuan lower again
Hong Kong’s Hang Seng Index (HSI) was up nearly 0.2% after dropping 3.6% last week — its third straight week of declines. China’s Shanghai Composite Index (SHCOMP) gained 1.5%. Last week was its worst since May.South Korea’s Kospi rose 0.2%. Australia’s S&P/ASX 200 was up 0.1%. New Zealand’s NZX50 was about flat.Cathay Pacific Group (CPCAY) sank 4.3% in Hong Kong. The city’s flagship airline has been affected by mass protests. Over the weekend, Cathay said it would cooperate with a directive from China’s aviation authority banning staff from flying to, from and over mainland China if they participate in or support “the illegal demonstrations, protests and violent attacks, as well as those who have had radical behaviors.”The People’s Bank of China guided the the yuan lower for an eighth consecutive session Monday. The currency was flat in onshore trading, while it was a little higher offshore, where it trades more freely.Markets in Japan, Singapore and India were closed Monday for holidays. Here are some other big moves on Asian markets at 3:30 p.m. Hong Kong time:Fonterra, the world’s largest dairy exporter, dropped 5% in New Zealand after the company said it expects to report a loss this year of as much as $437 million. The company also said it would not pay a dividend this year.NVC Lighting surged nearly 60% in Hong Kong. The Chinese lighting company announced that the global investment firm KKR would buy a majority stake in its lighting business. The deal values NVC at about $787 million.Chipscreen Biosciences, a Chinese biotech firm, soared more than 350% in its trading debut on the Star Market, China’s new Nasdaq-style tech board.
