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China travel stocks rally as holiday tourism numbers top pre-pandemic levels
The China travel stocks index jumped 2.1% in early trading Monday, rising to its highest level since Jan. 30.
Shanghai-listed Air China rises climbed 1.2%, China Southern Airlines gained 1.7%, while Hong Kong-listed Chinese online tourism services group Tongcheng Travel rose 1.5%.
Shenzhen-listed stocks of Toread Holdings gained 4% and Western Regions Tourism Development added 2.4%.
China’s travel activity and spending jumped above pre-pandemic levels during the Lunar New year holiday, according to official data.
Some 474 million domestic trips were made during the eight-day festival, a 34.3% jump from a year earlier, according to data released by the country’s Ministry of Culture and Tourism on Sunday.
Tourists spent nearly 632.7 billion yuan ($87.95 billion) on domestic holiday trips, a 47.3% year-over-year jump, data showed. Both metrics were above 2019 levels.
The broader CSI 300 index added 0.6%.
