Travel stocks jump on hopes China quarantine easing is a pandemic end point
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Tuniu Corporation (TOUR) was the biggest gainer in the consumer sector in early trading on Tuesday with a 46% pop. Positive news out of China on travel sent buyers back into TOUR.
The National Health Commission in China said it will shorten the quarantine period for international travelers to 10 days from 21 days. The commission also loosened testing requirements for people in quarantine to seven days in centralized quarantine followed by three days of health monitoring at home. Of note, the cities of Beijing and Shanghai reported no COVID cases for Monday.
The development is seen as a positive for the travel sector as a whole and has helped push cruise line stocks, lodging stocks, and travel services stocks broadly higher on hopes the easing from Beijing is a sign of a pandemic end point.
Notable gainers in early Tuesday trading included Trip.com (NASDAQ:TCOM) +14.75%, China Eastern Airlines (CEA) +6.85%, Royal Caribbean Cruises (RCL) +5.11%, China Southern Airlines (ZNH) +4.95%, Huazhu Group Limited (HTHT) +4.78%, United Airlines (UAL) +4.70%, GreenTree Hospitality (GHG) +4.57%, InterGroup Corporation (INTG) +4.47%, American Airlines Group (AAL) +4.42%, Tripadvisor (TRIP) +4.43%, Delta Air Lines (DAL) +4.30%, Expedia Group (EXPE) +4.03%, Norwegian Cruise Line Holdings (NCLH) +4.02%, Carnival Corporation (CCL) +3.93%, Despegar.com (DESP) +3.44%, Hilton Grand Vacations (HGV) +3.25%, Travel + Leisure (TNL) +2.93%, Booking Holdings (BKNG) +2.55%, Playa Hotels & Resorts (PLYA) +2.39%, Marriott International (MAR) +2.37%, and Airbnb (ABNB) +2.14%.
Related: Macau casino stocks rally after China eases quarantine rules.