World’s top 10 airline stocks are all Chinese, except one from India
Chinese carriers are in a sweet spot, relative to their Covid-battered peers at least. The country’s 1.4-billion-strong population is eager to travel, the yuan is rallying and oil is getting cheaper.
A Bloomberg gauge of the sector shows nine of the world’s top 10 airline stocks over the past three months are Chinese, with all but Air China Ltd. shares posting double-digit gains. The odd one out is InterGlobe Aviation Ltd., which operates India’s biggest carrier, IndiGo. That’s sixth on the list with a 13% advance. The top performer is low-cost carrier Spring Airlines Co., which has climbed 22%.
The global airline industry has been walloped by the coronavirus pandemic, as governments imposed unprecedented border restrictions and people became more reluctant to travel. The International Air Transport Association, which represents some 290 airlines, doesn’t expect passenger traffic to recover to pre-pandemic levels before 2024.
