HONG KONG -- A day after the Hong Kong government said it would spend about $5 billion to bail out Cathay Pacific Airways, the city's leading airline, analysts remained skeptical on the company's long-term outlook, even though the rescue plan will address some short-term cash issues.
Shares in Cathay jumped 19% on Wednesday morning as trading on the Hong Kong Stock Exchange resumed after being halted on Tuesday ahead of the announcement. That seemed to indicate some investors initially approved of the unprecedented government-led rescue plan for the ailing airline. But the stock price quickly tumbled, closing down 1.02% at HK$8.72.
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