Shares of local airline companies and tourism service providers rose in morning trading Monday, one day after China announced a program to allow Chinese tourists to visit Taiwan independently starting June 28.
» Tourism | Monday, June 13, 2011 • Air News Times
China Airlines Ltd. (CAL) , Taiwan's largest carrier, saw its shares jump more than 1.6 percent on the local bourse. Shares of EVA Airways Corp. (EVA Air) , the country's second largest carrier, gained 1.2 percent.
The gains came as China's National Tourism Administration Chairman Shao Qiwei announced on Sunday that residents from Beijing, Shanghai and Xiamen will be the first ones allowed to visit Taiwan under the new free independent travelers (FIT) program.
Meanwhile, direct flights between Taiwan and China will also be increased from 370 flights per week to 558 soon.In addition, China decided to cut the visa fee for Taiwanese tourists by 50 percent from July 1.
The news boosted the shares of Grand Formosa Regent Hotel, a bellwether of the local tourism sector by over 2 percent. Phoenix Tours International Inc., a major travel agency in Taiwan, also saw its shares go up by 4.05 percent in the morning trade.