Consumer-Related, Travel Stocks Rise After China Loosens Quarantine Requirements
June 28 2022 - 3:50AM
Dow Jones News
By Clarence Leong
Shares of many consumer- and travel-related stocks rose sharply
after news that China will ease some of the restrictions to curb
Covid-19 infections that have weighed on the world's second-largest
economy for more than two years.
The Chinese government said Tuesday it will shorten the
quarantine time for international travelers and those who have come
into close contact with Covid-19 patients to 10 days from 21 days.
Beijing will also loosen its testing requirements for people in
quarantine.
Cathay Pacific Airways Ltd. rose 5.9% to HK$8.56, on track to
close at its highest level since March 2020, when the pandemic
swept across the world. The stock has gained 34% this year.
China's three major airlines, Air China Ltd., China Eastern
Airlines Corp. and China Southern Airlines Co. advanced between
5.8% to 9.4% in Hong Kong.
Travel-booking company Trip.com Group Ltd. surged 22% to
HK$240.80, on course for its biggest one-day gain in more than
three months. Shanghai-listed China Tourism Group Duty Free Corp.
was up 3.1%.
Restaurant stocks also strengthened. Hot-pot chain operator
Haidilao International Holding Ltd. jumped 9.2% to HK$19.18 and Yum
China Holdings Inc. added 3.5%.
Hong Kong's benchmark Hang Seng Index turned positive in
afternoon trading and was last 1.0% higher at 22447.10.
Write to Clarence Leong at clarence.leong@wsj.com
(END) Dow Jones Newswires
June 28, 2022 03:35 ET (07:35 GMT)
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