"The latest numbers are positive. We see some form of stability for SIA after 12 months of decline starting from October '97," said Lim Eu Beng of Vickers Ballas.

Nua We Boon of Fraser Securities, agreed.

"The last two months' numbers are quite encouraging. It shows that traffic is stabilising."

However, he said SIA yields would probably continue their downward trend with the heavy discounting that airlines are giving to entice passengers to fly. SIA does not give monthly breakdown on yields, but Nua estimated that November was probably down by 5.0 to 7.0 percent over the same period in the previous year. SIA said its passenger seatfactor rose 3.0 points to 71.4 per cent in November. This follows a 4.1-point rise in October. Cargo load factors fell 3.7 points to 69.1 per cent in November, after falling 4.7 points in the previous month.Analysts said the weak SIA cargo numbers reflected that imports and exports out of Asia remained anaemic. "Asian exports are not surging as hoped for and imports have plunged. SIA's cargo load factors reflect economic conditions in the region," Nua said.