Airline stocks fall as Iraq crisis flares

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Airline stocks fall as Iraq crisis flares

As the crisis in Iraq puts pressure on international jet fuel prices, shares of related companies turned bearish in the local stock market yesterday.

Korean Air stock plunged 2.19 percent to finish at 30,345 won ($29.72) yesterday, following a 1.58 percent fall on Friday.

Asiana Airlines’ shares fell 1.67 percent to finish at 4,700 won on the Kospi.

U.S. airline-related businesses will suffer an average of $1.7 billion in losses if the price of jet fuel goes up $1, according to The Wall Street Journal.

As a result, shares of Southwest Airlines and Delta Air Lines declined last week on the New York Stock Exchange.

Hanwha fell 1.89 percent to 26,000 won, the lowest in two years on the Kospi, because its subsidiary Hanwha Engineering & Construction is involved in building a city worth $8 billion in Bismayah, 10 kilometers (6.2 miles) east of Baghdad.

BY KIM JUNG-YOON [kjy@joongang.co.kr]




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