Hot stock: SIA dives 9.4% after Q3 results disappoint, erasing 3-week gain

SHARES of Singapore Airlines (SIA) tumbled as much as 9.4 per cent during early trading on Wednesday (Feb 21) after hitting a six-month high on Tuesday.

Investors took profit amid disappointment from the national carrier’s financial results for the three months ended Dec 31, 2023. Analysts were disheartened by Q3’s net profit performance, which came in 15 per cent below consensus.

Three weeks of gains for SIA’s stock evaporated seconds after the market opened, as the counter hit a low of S$6.68. This was down S$0.69 from its closing price of S$7.37 – a six-month high for the flagship carrier – on Tuesday, before the results announcement.