Airline and casino stocks soar in Asia-Pacific on the back of coronavirus vaccine hopes – CNBC
People are silhouetted against Singapore Airlines Airbus planes at Changi International Airport in Singapore on October 24, 2020.
ROSLAN RAHMAN | AFP via Getty Images
SINGAPORE — Airline and casino stocks in Asia-Pacific surged on Tuesday, following their peers overnight on Wall Street as investors reacted to a major positive coronavirus vaccine development from Pfizer and BioNTech.
Travel restrictions have pummeled the airlines and entertainment sectors, both of which depend on tourism revenue. News about a potential vaccine boosted optimism that the global economy could recover and "return to normal" sooner than previously anticipated.
"Your hotel stocks, casinos, airlines, all of those really are ... now back in play," David Bailin, chief investment offic...