Haidilao, Macau casino stocks lead Hong Kong market rally on China border reopening hopes
- The Hang Seng Index has gained 6.6 per cent in four days to cap its longest winning streak in almost six weeks
- Consumption stocks including Haidilao and Budweiser marked gains, as did casino operators Sands China and Galaxy Entertainment
The Hang Seng Index rose 0.9 per cent to 22,418.97 at the close of Tuesday trading, bringing its four-day gains to 6.6 per cent. The gauge is now on its longest winning streak in almost six weeks. The Hang Seng Tech Index added 0.6 per cent, while the Shanghai Composite Index strengthened 0.9 per cent.
Airline operators rallied. Cathay Pacific rose 6.4 per cent to HK$8.60. Air China soared 10 per cent to HK$6.78. China Eastern Airlines and China Southern Airlines gained at least 5.3 per cent.
Haidilao jumped 7.4 per cent to HK$18.86 while Budweiser rose 4.2 per cent to HK$23.35, leading consumption stock winners. Sands China soared 11.7 per cent to HK$18.20 and Galaxy Entertainment surged 7.9 per cent to HK$47.75.
China cut quarantine times by half on Tuesday, requiring overseas travellers to spend seven days in a government-run facility, followed by three days of home isolation, according to the National Health Commission’s latest guidelines. Stocks swung into positive territory upon China’s first step towards easing border restrictions.