China Eastern Airlines Corp, the nation's third-largest carrier, surged the daily limit to 11.79 yuan. China Southern Airlines Co, the nation's biggest airline, jumped 10 percent to 13.92 yuan while Air China also hiked 10 percent to 16.31 yuan.
Airlines rose after the price of jet fuel, the biggest cost for most Asian carriers, declined for a third straight day on May 2. The carriers were also catching up to gains made by Hong Kong shares on Friday, when mainland stock markets were closed for a national holiday.
Jet fuel prices fell 2.6 percent to US$137.85 a barrel in Singapore on May 2. The price has declined 5 percent since hitting a record close of US$145.05 on April 28. It has climbed 70 percent over the past year.
Carriers have also benefited from the yuan's 4.3 percent appreciation this year as it reduces the value of dollar-denominated debt.
(Shanghai Daily May 5, 2008)
