Travel & hospitality stocks rise as Singapore eases restrictions

SIA, Genting and ComfortDelGro lead in average daily turnover.

A recently published update by SGX points to a rise in the buying of travel & hospitality stocks as Singapore resumes its easing of travel restrictions.

SIA, SATS and SIA Engineering experienced gains by 7.6%, 3.8% and 3.2%, respectively. These represent international travel-related plays, while ComfortDelGro, a global transport company, jumped by 1.3%.

Genting Singapore led the hospitality industry with a gain of 4.8%, while Ascott Residence Trust, CDL Hospitality Trust and Far East Hospitality Trust, all of which are stapled trusts, grew by 5.9%, 6.3% and 3.2% respectively.

Meanwhile, due to its more defensive state since the end of 2019, Mandarin Oriental had a 0.4% increase.

Previously, the Singaporean government announced the expansion of its Vaccine Travel Lane (VTL) program to include nine new countries. SGX also expects this will also be accompanied  by connections to global supply chains and the preservation of Singapore’s hub status.