Log in
Log in
Or log in with
GoogleGoogle
Twitter Twitter
Facebook Facebook
Apple Apple     
Sign up
Or log in with
GoogleGoogle
Twitter Twitter
Facebook Facebook
Apple Apple     
News
All NewsCompaniesIndexesCurrency / ForexCommoditiesCryptocurrenciesETFInterest RatesEconomyThemesSectors 

Chinese Travel, Consumption Stocks Rise as Beijing Eases Covid Rules

11/11/2022 | 01:48am EST

By Clarence Leong


Shares of Chinese travel and consumer companies gained ground in Hong Kong after Beijing eased some Covid-19 restrictions, improving the outlook for sectors directly hit by the pandemic and the broader economic recovery.

In Friday afternoon trade, the Hang Seng China Enterprises Index advanced 7.6%, while the city's benchmark Hang Seng Index jumped 7.1% to 17221.43, recovering to levels last seen a month ago. The benchmark index would mark its largest one-day gain since mid-March if it closes at current levels.

China's three major airlines, Air China Ltd., China Southern Airlines Co. and China Eastern Airlines Corp., added between 2.2% and 5.1%, while travel retailer China Tourism Group Duty Free Corp. climbed 7.1%.

Broader consumer-related sectors also strengthened, amid hopes that less stringent rules could help revive consumption. E-commerce platforms Alibaba Group Holding Ltd. and JD.com Inc. jumped 11% and 16%, respectively, while restaurant operator Haidilao International Holding Ltd. climbed 4.7%.

China said Friday that it will shorten the quarantine period for close contacts of Covid cases and travelers to the country, among other policy tweaks. But the government also said it will stick to its zero-Covid policy.

Friday's market upturn came on the back of U.S. stocks' biggest rally in two years, after October inflation data was weaker than expected, lifting expectations of less aggressive interest-rate increases by the Federal Reserve.


Write to Clarence Leong at clarence.leong@wsj.com


(END) Dow Jones Newswires

11-11-22 0147ET

Stocks mentioned in the article
ChangeLast1st jan.
AIR CHINA LIMITED -1.55% 6.98 Delayed Quote.2.01%
ALIBABA GROUP HOLDING LIMITED -6.07% 111.2 Delayed Quote.26.23%
CHINA EASTERN AIRLINES CORPORATION LIMITED -0.74% 5.4 End-of-day quote.-2.35%
CHINA SOUTHERN AIRLINES COMPANY LIMITED -2.62% 5.2 Delayed Quote.5.12%
CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED -5.64% 217.49 End-of-day quote.0.68%
HAIDILAO INTERNATIONAL HOLDING LTD. -2.30% 21.25 Delayed Quote.-2.90%
HANG SENG CHINA ENTERPRISES -0.95% 7424.92 Delayed Quote.11.80%
JD.COM, INC. -6.13% 59.83 Delayed Quote.6.59%
TONGCHENG TRAVEL HOLDINGS LIMITED -3.28% 17.7 Delayed Quote.-2.56%
Latest news "Economy"
05:00aDollar bonds of India's Adani Group continue to trade higher
RE
04:56aTurkey's tourism gains in war-hit 2022 but trade deficit widens
RE
04:51aEuropean shares drop as focus shifts to cenbank meetings
RE
04:49aSouth Africa's Eskom escalates power cuts
RE
04:48aIndia's Godrej Consumer beats profit estimate on demand for home care products
RE
04:48aSouth Africa's ANC wants 'state of disaster' declared over power crisis
RE
04:46aPortugal fourth-quarter growth slows, full-year strongest in decades
RE
04:45aFrench inflation rises to 7.0% in January on energy prices
RE
04:44aUK mortgage approvals slump in December: Bank of England
RE
04:37aRussian retailer O'Key expects revenue surge from discount stores
RE
Latest news "Economy"