Cathay Pacific shares hit three-and-half-month high after rescue package, outlook uncertain

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Cathay Pacific shares hit three-and-half-month high after rescue package, outlook uncertain
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Shares of Cathay Pacific Airways Ltd surged as much as 18.7% on Wednesday, reaching their highest level since Feb. 24, after the carrier announced a HK$39 billion ($5 billion) recapitalisation plan led by the Hong Kong government.

) surged as much as 18.7% on Wednesday, reaching their highest level since Feb. 24, after the carrier announced a HK$39 billion recapitalisation plan led by the Hong Kong government.

The stock later trimmed most of its early gains, falling to as low as HK$8.85, still up 0.5% from the previous close. “There are still many uncertainties in the second half of the year as the pandemic is still ongoing,” said Linus Yip, chief strategist at First Shanghai Securities.

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