Emerging markets airline ADRs slipped in Wednesday afternoon trading as crude oil prices continued their upward march, fueling inflation concerns and constricting consumers' wallets.
Prices for light, sweet crude breached the $123 per barrel mark for the first time on Wednesday on the New York Mercantile Exchange.
The profitability of airline operators is closely linked to jet-fuel costs.
ADR stands for American Depositary Receipt, which is a security designed to allow U.S. investors to trade shares of companies based overseas.
Shares of China Eastern Airlines Corp. fell $4.66, or 9.4 percent, to $44.70, and shares of China Southern Airlines Co. lost $3.06, or 8.7 percent, to $32.14.
Shares of Brazil's GOL Linhas Areas Inteligentes SA shed 92 cents, or 5.4 percent, to $16.09, while TAM SA slipped $1.26, or 5.3 percent, to $22.61.
Shares of Chile's LAN Airlines SA decreased 48 cents, or 3.9 percent, to $11.98.
The Bank of New York Emerging Markets ADR Index _ which includes shares of companies based in China, Chile, Brazil and more _ lost 10.07 points, or 2.8 percent, to 374.70.
The Bank of New York Composite ADR Index decreased 3.25 points to 183.19 as the U.S. markets fell in afternoon trading.
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