Travel Stocks declined because of the Covid’s New Variant

Travel stocks declined on Monday. In Japan, shares of Japan Airlines dropped 3.98% while ANA Holdings fell 4.09%. Shares of other airlines also suffered losses on Monday.

Australia’s Qantas Airways dropped 2% while shares of Cathay Pacific in Hong Kong declined 3.85%. Shares of Singapore Airlines fell 2.47% in Singapore.

Those losses came as countries around the world announced restrictions on travelers from southern Africa following the discovery of the omicron variant. Japanese Prime Minister Fumio Kishida made an important announcement on Monday. He stated that the country will bar entry to foreign visitors from November 30.

Last week, the World Health Organization recognized the strain, first referred to as lineage B.1.1.529, as a variant of concern. The agency assigned the Greek letter omicron to a newly identified Covid variant in South Africa.

Stocks in Asia-Pacific

Stocks in Asia-Pacific largely fell on Monday trade as investors continue to analyze the omicron Covid variant and its impact on the world.

In Hong Kong, the Hang Seng index dropped 0.95% as of its final hour of trading. Hong Kong-listed shares of Meituan fell more than 7%. On Friday, Meituan posted a loss of about 10 billion Chinese yuan ($1.56 billion) for the three months ended September 30.

Hong Kong-listed shares of Sun Entertainment Group dropped more than 30%. Its shares declined after South China Morning Post reported that controlling shareholder Alvin Chau Cheok-wa was among a group arrested over alleged gambling offenses.

In mainland China, the Shanghai composite fell slightly to 3,562.70. The Shenzhen component gained 0.223% to end its trading day at 14,810.20.

In Japan, the Nikkei 225 dropped 1.63% to finish its trading day at 28,283.92. The Topix index fell 0.92% to close at 2,909.32.

In Australia, the S&P/ASX 200 declined 0.54% on the day to 7,239.80.

On Friday, Hong Kong’s Hang Seng index dropped 2.67% to close at 24,080.52.

In Japan, the Nikkei 225 fell 2.53% to close at 28,751.62. The Topix index declined 2.01% to 1,984.98. Shares of SoftBank Group fell 5.19%.

Mainland Chinese stocks fell on Friday. The Shanghai composite dropped 0.56% to 3,564.09. The Shenzhen component declined 0.342% to 14,777.17. In South Korea, Kospi dropped 1.47% to close at 2,936.44.

Moreover, in Australia, the S&P/ASX 200 declined 1.73% to 7,279.30. The country’s retail sales jumped 4.9% month-on-month in October. They seasonally adjusted based on the information provided by the Bureau of Statistics.