⁍ The stock climbed as high as HK$5.92, up 3.5% from the previous close.
⁍ Cathay Pacific said on Wednesday it would cut 5,900 jobs and end its regional Cathay Dragon brand.
– Shares in Cathay Pacific Airways jumped more than 3% today after the Hong Kong flagship carrier announced a restructuring plan involving jobs cuts and a decision to end its regional Cathay Dragon brand, Reuters reports. The stock climbed as high as HK$5.92, up 3.5% from the previous close. That compared to a 0.5% gain for the Hong Kong benchmark Hang Seng Index. 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.
Source: https://www.reuters.com/article/uk-cathay-pacific-layoffs-stocks/hks-cathay-pacific-rises-over-3-after-announcing-restructuring-plan-idUSKBN276055