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MarketScreener Homepage  >  Indexes  >  World  >  Hang Seng    HSX   HK0000004322

HANG SENG

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HK's Cathay Pacific rises over 3% after announcing restructuring plan

10/21/2020 | 01:09am EST

HONG KONG (Reuters) - Shares of Cathay Pacific Airways Ltd jumped more than 3% after the Hong Kong flagship carrier announced a restructuring plan involving jobs cuts and a decision to end its regional Cathay Dragon brand.

The stock climbed as high as HK$5.92, up 3.5% from the previous close. That compared to a 0.5% gain in the Hong Kong benchmark Hang Seng.

Cathay Pacific said on Wednesday it would cut 5,900 jobs and end its regional Cathay Dragon brand as it grapples with a plunge in demand from the coronavirus pandemic.

(Reporting by Donny Kwok; Editing by Shri Navaratnam)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
CATHAY PACIFIC AIRWAYS LIMITED 0.41% 7.4 End-of-day quote.-35.76%
HANG SENG 0.47% 26923.44 Real-time Quote.-4.49%
SWIRE PACIFIC LIMITED -1.49% 46.3 End-of-day quote.-36.05%
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