Asian Airline Stocks Drop Amid Iran Conflict; Defense Stocks Rise
Asian airline stocks fell sharply due to the U.S. and Israel's military actions against Iran, leading to flight cancellations across the Middle East. Major airports in Doha, Dubai, and Abu Dhabi halted operations. Singapore Airlines shares declined by 4.5%, while Qantas and Cathay Pacific fell by 5.4% and 2.8%, respectively. In contrast, defense stocks gained as geopolitical tensions increased, with Mitsubishi Heavy Industries rising by 3.6% and Woodside Energy up by 5.4%. Oil prices also surged over 10%.
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Asian airline stocks experienced significant declines on Monday after the U.S. and Israel launched strikes against Iran, prompting airlines to cancel hundreds of flights to the Middle East. Major airports in Doha, Dubai, and Abu Dhabi ceased operations due to the conflict, with Singapore Airlines shares dropping 4.5% and Qantas and Cathay Pacific down by 5.4% and 2.8%, respectively.
In contrast, defense stocks rose, propelled by heightened geopolitical concerns, with Mitsubishi Heavy Industries increasing by 3.6%. Oil prices surged over 10%, with Brent Crude reaching $82.37 per barrel.
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