Shares of S.Korean airlines fall as U.S. ends Iran sanction waivers

Jin Air Co

23/04/2019 03:02

** Shares of South Korean airlines stumble more than 3 pct
after Washington said it would stop allowing eight economies,
including South Korea, to buy Iranian oil without U.S.
sanctions, starting in May
    ** Asiana Airlines  020560.KS , Korean Air Lines
 003490.KS , Jin Air  272450.KS , JejuAir  089590.KS  fall as
much as 4.3%, 3.6%, 3.2%, and 3.4 pct, respectively
    ** The United States on Monday demanded that all buyers of
Iranian oil stop purchases by May 1 or face sanctions
 urn:newsml:reuters.com:*:nL1N224079
    ** Oil prices jumped more than 2 percent after the
announcement to a near six-month high  urn:newsml:reuters.com:*:nL3N22404I
    ** If South Korea no longer imports Iranian oil, this might
damage the profit base of airlines in the country due to the
rise in crude price, said Kim Ik-sang, analyst, BNK Securities
    ** The broader KOSPI market  .KS11  was trading up 0.08 pct,
as of 0155 GMT

($1 = 1,139.7000 won)

 ((yuna.park.thomsonreuters.com@reuters.net))