Chinese Travel Stocks Rise After Lunar New Year Break
By Tracy Qu
Chinese travel stocks traded higher on Monday after government data showed robust domestic travel during the week-long Lunar New Year break.
In the mainland Shanghai Stock Exchange, China Tourism Group Duty Free Corp gained 1.2%.
In Hong Kong, Tongcheng Travel Holdings added 1.8% and Trip.com was 0.2% higher. The mainland exchanges reopened Monday after a week-long break for the Lunar New Year break.
There were 474 million domestic tourism trips across the country during the eight-day holiday, up 34.3% from the same period a year earlier and 19% higher than the same period in 2019 before the economy was hit by Covid-19, data from the Ministry of Culture and Tourism released Sunday showed.
There were about 6.83 million tourist trips, including 3.6 million outbound and 3.23 million inbound, according to the data.
In a note, Citi analysts said travel companies in the first quarter will likely see a solid on-year growth in online travel revenue due to the Lunar New Year travel demand coupled with last year's low base.
Write to Tracy Qu at tracy.qu@wsj.com
(END) Dow Jones Newswires
February 18, 2024 23:31 ET (04:31 GMT)
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