SYDNEY: Cathay Pacific Airways said on Saturday that the reopening of transit services for passengers at Hong Kong International Airport from June 1 will not include those traveling to and from mainland China.
Hong Kong Chief Executive Carrie Lam announced earlier this week that some transit passengers would be allowed through the hub from Monday, but did not provide further details. Transit through the airport has been barred since March 25 as part of measures taken to help control the spread of the coronavirus pandemic.
Cathay said travelers could transit Hong Kong if their itinerary was on a single booking and the connection time to the next flight was within eight hours.
“In this first phase, transiting to and from destinations in mainland China is not available,” the airline said on its website.
China’s aviation regulator has been flooded with tens of thousands of social media comments criticizing it and the Chinese government for the small number of flight options to bring home people stranded overseas.
The regulator drastically reduced the number of allowed international flights to prevent the potential of importing COVID-19 infections. Many foreign airlines are barred altogether and mainland carriers can fly just one weekly passenger flight on one route to any country, which has sent fares skyrocketing.
That rule does not apply to airlines from Hong Kong, such as Cathay, which are allowed more flights to and from the mainland, but the airline’s statement on Saturday indicated it cannot immediately take advantage of the boom in demand.
Cathay has cut capacity by around 97 percent due to a fall in demand and strict quarantine regulations associated with the pandemic.
Rival Asian hub Singapore, which is not allowed nearly as many mainland flights, is gradually allowing some transit traffic to resume from June 2.
Hong Kong airport transit from June 1 excludes mainland flights: Cathay Pacific
https://arab.news/6qtw7
Hong Kong airport transit from June 1 excludes mainland flights: Cathay Pacific
- Transit through the airport has been barred since March 25
- Cathay has cut capacity by around 97 percent due to a fall in demand and strict quarantine regulations
Closing Bell: Saudi benchmark index closes lower at 10,540
RIYADH: Saudi equities ended Wednesday’s session lower, with the Tadawul All Share Index falling 55.13 points, or 0.52 percent, to close at 10,540.72.
The sell-off was mirrored across other indices, with the MSCI Tadawul 30 Index retreating 5.79 points, or 0.41 percent, to close at 1,393.32, while the parallel market Nomu slipped 74.56 points, or 0.32 percent, to 23,193.21.
Market breadth remained firmly negative, as decliners outpaced advancers, with 207 stocks ending the session lower against just 51 gainers on the main market.
Trading activity moderated compared to recent sessions, with volumes reaching 123.5 million shares, while total traded value stood at SR2.72 billion ($725.2 million).
On the sectoral and stock level, Al Moammar Information Systems Co. led the gainers after surging 9.96 percent to close at SR172.30, extending its rally following a series of contract announcements tied to data center and IT infrastructure projects.
Al Masar Al Shamil Education Co. climbed 4.89 percent to SR27.48, while Naqi Water Co. advanced 3.36 percent to SR58.50. Al Yamamah Steel Industries Co. and Al-Jouf Agricultural Development Co. also posted solid gains, rising 3 percent and 2.86 percent, respectively.
Losses, however, were concentrated in industrial names. Saudi Kayan Petrochemical Co. fell 3.67 percent to SR4.73, while Makkah Construction and Development Co. slid 3.44 percent to SR80.
Saudi Tadawul Group Holding Co. retreated 3.28 percent to SR147.50, weighed down by broader market weakness, and Saudi Cable Co. declined 3.18 percent to SR143.
Alkhaleej Training and Education Co. rounded out the top losers, shedding just over 3 percent.
On the announcement front, BinDawood Holding announced the signing of a share purchase agreement to acquire 51 percent of Wonder Bakery LLC in the UAE for 96.9 million dirhams, marking a strategic expansion of its food manufacturing footprint beyond Saudi Arabia.
The acquisition, which remains subject to regulatory approvals, is expected to support the group’s regional growth ambitions and strengthen supply chain integration.
BinDawood shares closed at SR4.68, up 0.43 percent, reflecting a positive market reaction to the overseas expansion move.
Meanwhile, Al Moammar Information Systems disclosed the contract sign-off for the renewal of IT systems support licenses with the Saudi Central Bank, valued at SR114.4 million, inclusive of VAT.
The 36-month contract is expected to have a positive financial impact starting from fourth quarter of 2025, reinforcing MIS’s position as a key technology partner for critical government institutions. The stock surged to the session’s limit making it the top gainer.
In a separate disclosure, Maharah Human Resources confirmed the completion of the sale of its entire stake in Care Shield Holding Co. through its subsidiary, Growth Avenue Investments, for a total consideration of SR434.3 million.
The transaction involved the transfer of 41.36 percent of Care Shield’s share capital to Dallah Healthcare, with Maharah receiving the full cash proceeds.
Despite the strategic divestment, Maharah shares closed lower, ending the session at SR6.12, down 1.29 percent.
