PARIS: Air France KLM shares slumped on Monday after the company’s chief executive said he would resign following the rejection of a pay deal by the airline’s staff.
Air France KLM shares were down by around 12.8 percent at €7.06 in early session trading, touching their lowest level since April 2017.
The stock is down by around 50 percent since the start of 2018, underperforming a 3.7 percent gain on the broader Paris SBF-120 index and a 4 percent fall on the pan-European STOXX 600 Travel & Leisure index.
Late on Friday, CEO Jean-Marc Janaillac said he would resign after staff rejected a pay deal, plunging the airline into turmoil amid a wave of strikes at its French brand that has so far cost the company €300 million.
Airline staff are planning further strikes on May 7 and May 8.
Air France KLM shares slump as CEO prepares to quit over union pay row
Air France KLM shares slump as CEO prepares to quit over union pay row
Closing Bell: Saudi main index closes in red at 10,847
RIYADH: Saudi Arabia’s Tadawul All Share Index dipped on Wednesday, losing 58.51 points, or 0.54 percent, to close at 10,847.93.
The total trading turnover of the benchmark index was SR3.78 billion ($1 billion), as 73 of the listed stocks advanced, while 187 retreated.
The MSCI Tadawul Index decreased, down 7.09 points or 0.48 percent, to close at 1,472.98.
The Kingdom’s parallel market Nomu lost 178.75 points, or 0.77 percent, to close at 22,916.83. This comes as 30 of the listed stocks advanced, while 37 retreated.
The best-performing stock was the Power and Water Utility Co. for Jubail and Yanbu, with its share price surging by 8.47 percent to SR31.24.
Other top performers included Saudi Paper Manufacturing Co., which saw its share price rise by 6.13 percent to SR53.70, and Jamjoom Pharmaceuticals Factory Co., which saw a 4.58 percent increase to SR137.
On the downside, the worst performer of the day was CHUBB Arabia Cooperative Insurance Co., whose share price fell by 5.14 percent to SR17.53.
Saudi Kayan Petrochemical Co. and Arabian Internet and Communications Services Co. also saw declines, with their shares dropping by 4.87 percent and 4.43 percent to SR4.88 and SR181.40, respectively.
On the announcement front, Saudi Kayan Petrochemical Co. announced its annual financial results for 2025, with sales dropping 3.06 percent year-on-year to SR8.45 billion. The company also recorded a net loss of SR893.86 million.
In a Tadawul statement, the company said the net loss and decline in annual sales were driven by a drop in average selling prices, despite higher sales volumes.
