Macau casino stocks rise after announcement of Covid-19 pill
Macau casino stocks jumped 7.2 per cent after Pfizer announced it has produced a pill that can cut reduce the worst risk of Covid-19 by 89 per cent.
Macau.- Macau casino stocks rose after Pfizer Inc. announced that its Covid-19 pill could reduce hospitalisations and deaths in high-risk patients by 89 per cent. Sands China shares gained 7.7 per cent. Wynn Macau, Galaxy Entertainment and SJM Holdings stocks rose by over 5 per cent and MGM China shares were up nearly 4.8 per cent.
The news was also well received by Genting Singapore and Genting Malaysia, which also saw their share prices rise.
Jun Rong Yeap, market strategist with IG Asia Pte in Singapore, said: “The fact that it is an oral treatment may also suggest that it may be more well-received, along with its high efficacy.”
In August, Macau’s gaming operators saw stock values rise after authorities announced an easing of restrictions with the neighbouring province of Guangdong. However, reports of a possible change in current gaming laws caused Macau casino stocks to fall in September.
Meanwhile, in October, Ossolinski Holdings, an investment firm founded in 2009 by Matthew Ossolinski, announced the launch of its Macau Gaming Fund III.
According to Macau Business, Ossolinski Holdings said the fund’s target customers are “contrarian investors” who see a buying opportunity after a new outbreak of Covid-19 cases hurt Macau’s expectations for October’s Golden Week and led to a massive decline in visits.
