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Cathay Pacific stocks plunges

Hong Kong, Aug 12 The shares of Hong Kong flag carrier Cathay Pacific on Monday dipped to their lowest value in 10 years while its parent company, the Swire Pacific conglomerate, which tumbled 5.4 percent in the morning, reached a new low since October 2018.

The stocks dipped after China banned of company staff who has participated in the protests in the last two months.

As of Monday afternoon, each Cathay Pacific share was worth HKD9.87 ($1.26), although it had earlier in the morning plunged to HKD9.82, levels not seen since July 2009, reports Efe news.

Swire Pacific controls 45 percent of Cathay Pacific, and another 22 percent belongs to Chinese airline Air China, which recorded a drop of up to 1.53 per cent on Monday morning.

On Friday, the Civil Aviation Administration of China said that a Cathay Pacific pilot had been formally charged with a crime of “revolt”, punishable by up to 10 years in prison, for participating in unauthorized protests.

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