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Cancel that tour, or miss the bull market
Latest Updated by 2007-05-08 15:12:10
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Cancel that tour, or miss the bull market

Some shrewd investors in China have decided not to travel abroad during the golden week holiday, fearing they might miss another high at the bullish market.

Affected by the bullish home market, south China's Guangdong Province reported an average 30-percent decline in tourists traveling overseas, the tourism authority in Guangzhou said in a press release.

"The number of outbound tourists to Australia leaving on May 1 dropped 40 percent compared with last year, and even our most popular routes to Africa received 30 percent fewer people," said Wang Jian, spokesman of the Guangdong branch of China Travel Service, one of the largest service providers.

Of all the outbound tourists in the recent week, nearly 50 percent have not traveled any farther than Hong Kong and Macao, he said.

"People refuse to travel far, either because they want to watch the market more closely or they've put all their money in the stock market and therefore cannot afford to travel," said Wang. "And most travelers have brought laptops."

Domestic routes to the northern and western parts of China also suffered a 30-percent decline in the number of tourists, according to Wang.

In contrast, intercity trips within the province have drawn 50 percent more tourists than last year, said Wang.

Chinese share prices has extended their record breaking performances, supported by sustained capital inflows as investors chased stocks.

Last Monday, the last trading day before the holiday, the benchmark Shanghai Composite Index, which covers A and B-shares listed on the Shanghai Stock Exchange, closed up 81.4 points at a record 3,841.27 points. The turnover reached 188.656 billion yuan (24.5 billion U.S. dollars).

The Component Index of the smaller Shenzhen Stock Exchange rose177.33 points to close at a record 10,865.88 points on a turnover of 92.636 billion yuan.
Editor: Yan

By: Source: english website
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