JAL shares in freefall
TOKYO – Another crucial day looms for Japan Airlines following yesterday’s sharp plunge in its shares.
Amid mounting speculation that the carrier will file for bankruptcy next week, JAL shares tumbled by the daily limit of 30 yen for the second day in a row, falling 81 percent yesterday to a new record low of just seven yen (7.7 cents).
The airline’s market value has fallen by about US$1.8bn in two days to $200m.
According to the BBC JAL is set to receive government funds worth about 300bn yen under a restructuring package.
The package would see it file for bankruptcy.
“The selling is unstoppable,” said Hideaki Higashi, market strategist at SMBC Friend Securities.
“Event-driven market players are hammering down JAL. It’s a money game.
“The market is driving the company to go under,” he said, adding that the share price could technically fall to one yen.
Ian Jarrett
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