Cathay Pacific shares pared early gains after soaring by more than 18 percent at the open today, as lawmakers welcomed the government move to inject billions of dollars into the airline which has been struggling due to the coronavirus pandemic, RTHK reports. Cathay shares were trading 2 percent up half way into the morning session's trade, after soaring at the opening to HK$10.46. She added the government did not ask Cathay not to fire staff to give room for the airline to restructure. Her sentiments were echoed by tourism sector lawmaker Yiu Si-wing, who said that the government needed to act to protect Hong Kong's reputation as a global shipping hub. The lawmaker said he believes that Cathay will bounce back in about six months.

Source: The Standard June 10, 2020 03:22 UTC