Singapore Travel Stocks Jump After Government Extends Quarantine-Free Entry to More Nations

   By Yifan Wang 
 

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

Singapore Airlines jumped as much as 9.6%, while airline catering firm SATS Ltd. rose 5.0% and casino operator Genting Singapore gained 5.5%.

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

Singapore authorities said over the weekend that the city state will extend vaccinated travel lanes to Canada, Denmark, France, Italy, the Netherlands, Spain, the U.K. and the U.S. from Oct. 19 and to South Korea from Nov. 15.

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

This arrangement "represents another baby step to reopen international borders, which should improve tourist arrivals, albeit partially, and support tourist spending in downtown malls," Citi said in a research note.

Write to Yifan Wang at [e-mail]

(END) Dow Jones Newswires

October 10, 2021 23:43 ET (03:43 GMT)

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