Shares of Garuda Indonesia, the country’s national airline, have fallen more than 20% on their market debut today. Garuda shares were trading at close to 600 rupiah on the Indonesia Stock Exchange as I write, down from their 750 rupiah listing price. Analysts said the listing price was too high, see our editorial comment from December on the subject, and the sale has come at a time when emerging stock markets are under pressure. There are also fears about the earnings outlook for airlines this year as oil rises past $100 a barrel. Out of the 6.3 billion shares on

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