Singapore travel stocks surge after government extends entry without quarantine to more countries


   By Yifan Wang 
 

Shares of Singapore travel and hospitality companies soared on Monday, after the city-state government said it would allow vaccinated travelers from more countries to enter Singapore without quarantine.

Singapore Airlines jumped 9.6%, while airline catering company SATS Ltd. increased 5.0% and casino operator Genting Singapore gained 5.5%.

Hotel REITs also rose, with Frasers Hospitality Trust gaining 3.1% and CDL Hospitality Trusts up 2.7%.

Singapore authorities announced this weekend that the city-state will expand vaccinated traffic routes to Canada, Denmark, France, Italy, the Netherlands, Spain, the United Kingdom and the United States. from October 19 and in South Korea from November 15.

The new measures will allow passengers fully vaccinated against Covid-19 from these countries to enter Singapore without quarantine. Travelers will need to undergo PCR testing before departure and after arrival.

The arrangement “represents another small step in reopening international borders, which should improve tourist arrivals, albeit partially, and support tourism spending in downtown shopping malls,” Citi said in a research note. .

 

Write to Yifan Wang at [email protected]

 

(END) Dow Jones Newswires

October 10, 2021 11:43 PM ET (03:43 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.

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