Cathay Pacific shares slide more than seven percent after H1 loss
HONG KONG |
HONG KONG (Reuters) - Shares of Cathay Pacific Airways Ltd (0293.HK) fell more than 7 percent to the lowest in nearly two months on Wednesday after Hong Kong's dominant airline posted its worst first-half loss since 2003, weighed down by weak cargo demand and higher costs.
Cathay's shares fell as much as 7.7 percent to a session low of HK$11.92 after the midday break, the lowest intraday level since June 15.
The drop lagged a 0.3 percent decline in the benchmark Hong Kong Index .HSI.
The stock was up 0.5 percent ahead of the earnings release.
(Reporting By Alison Leung; Editing by Anne Marie Roantree and Chris Lewis)
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