Melco Int'l leads slide in Macau stocks as investors lock in gain after Lunar New Year rush (updated)

Sands China

26/01/2023 08:17

(Update with reverse trend, latest stocks' moves)
    ** Melco International  0200.HK  leads slide in Macau
casinos stocks, falling as much as 7.1% to HK$10.22, in its
biggest daily pct decline since Dec. 19, as investors lock in
gains
    ** Stock hit HK$11.42 in early trade, the highest since
November 2021, on tourism optimism before the stock slides in
the afternoon session
    ** "Investors took profit and caused the decline," said
Linus Yip, chief strategist at First Shanghai Securities, adding
casino stocks had benefitted from positive news including
China's border reopening and the announcement of new gaming
concessions
    ** Galaxy  0027.HK , SJM  0880.HK , Sands China  1928.HK ,
MGM China  2282.HK  and Wynn Macau  1128.HK  fall between 0.8%
and 4.9%   
    ** Sands China led rise in Macau shares in the morning
session on Lunar New Year rush as tourists swarm gambling hub
Macau over Lunar New Year after COVID curbs dropped, with more
than 71,000 visitors on Monday, the highest single day record
since the pandemic  urn:newsml:reuters.com:*:nL1N34A080
    ** Citi says it is a strong start to Lunar New Year and that
encouraging visitation trend will bode well for a solid gross
gaming revenue recovery in January
    ** Hang Seng Commerce & Industry Index  .HSNC  jumps 2.6%
and Hang Seng Index  .HSI  rises 2.4%
($1 = 8.0650 patacas)
 (Reporting by Donny Kwok and Georgina Lee)
 ((donny.kwok@thomsonreuters.com))