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.
Travel-booking company Trip.com Group Ltd.
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 firstname.lastname@example.org