Taiwan’s Eva Airways Corp., Japan Airlines Co., ANA Holdings Inc. have all climbed more than 10% this year, while Singapore Airlines Ltd. and Australia’s Qantas Airways Ltd. have also advanced. The 29-member Bloomberg World Airlines Index is down 15%, with low-cost carrier EasyJet Plc at the bottom of the pile, declining 34%.
Asian airline stocks are by far the best performers among global peers this year, racking up gains as most of the region reopens for travel even as China sticks with its Covid-Zero strategy, imposing lockdowns and limiting travel.
Airline shares in Asia are the only gainers on a Bloomberg gauge of global carriers, led by Cathay Pacific Airways Ltd., which has advanced 31% in 2022. While Cathay has long been hemmed in by Hong Kong’s Covid rules, it has steadily rallied this year as the city loosens mandatory hotel quarantine requirements.
