Asian stocks are on a rise on Monday. Hong Kong’s Cathay Pacific shares, however, dropped as CEO stepped down amid the political unrest in the city.
Shares of Cathay Pacific of Hong Kong was 1.5% lower on Monday as Rubert Hogg, Chief Executive Officer of Cathay Pacific, resigned from his post. Along with the CEO, Chief Customer and Commercial Officer Paul Loo also resigned.
The Swire-owned Cathay Pacific now will have its new CEO in the person of Augustus Tang, Swire Group’s long-time lieutenant.
Following the departure of Cathay Pacific’s two key personnel, Global Times of China said that the resignation was too little to restore its scarred reputation and loss of their customers.
Meanwhile, Hong Kong’s Hang Seng Index grew by 1.8%. China’s Shanghai Composite was up by 1.4% as well as Shenzhen Component with a 1.5% surge.
Japan’s Nikkei rose by 0.8% while South Korea’s Kospi also grew by 0.7%. ASX 200 of Australia gained 0.8%.