Studio City International Holdings Limited ( MSC ) was the biggest gainer in the casino sector in early trading on Tuesday after Hong Kong relaxed some of the COVID hotel quarantine rules in the city in an effort to attract more visitors and workers.
While it is a far cry from a formal move by Beijing away from a zero-tolerance COVID policy, the Hong Kong government's plan to adjust and optimize COVID containment measures was called understandable by the deputy director of China’s Hong Kong and Macau Affairs Office.
Investors are viewing the development as incremental progress in returning traffic to Macau casinos.
Shares of Studio City ( MSC ) jumped 17.16% to trade at a six-week high.
Melco Resorts & Entertainment Limited ( NASDAQ: MLCO ) added to its premarket gain to rise 9.19% , while Las Vegas Sands ( LVS ) rose to a six-month high with a 5.55% gain.
Read more about the rally in Macau casino stock.
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Studio City pops, Las Vegas Sands runs to six-month high off Hong Kong development