Cathay Pacific Airways Ltd. is doubling down on its long-haul expansion with the first purchase of Boeing Co. widebody aircraft in a dozen years, while it struggles closer to home with its HK Express unit suffering from a sharp drop in regional demand.

In a significant development, Boeing (BA) and Cathay Pacific announced an order for 14 additional 777-9 passenger jets, aligning with the broader market's rise. Boeing's stock saw a notable increase of 17.

Cathay Pacific has finalised an agreement with GE Aerospace for the acquisition of GE9X engines to equip an additional 14 Boeing 777-9 aircraft. This latest commitment increases the airline's total order to 35 GE9X-powered 777-9s.