KUALA LUMPUR, May 11 (Bernama) -- Late selling pressure dragged Bursa Malaysia into negative territory at the close, reversing earlier gains as profit-taking in heavyweight banking and transportation counters dampen overall market sentiment. At 5 pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) eased 2.75 points to 1,745.31 from Friday’s close of 1,748.06. The benchmark index, which opened 5.94 points firmer at 1,754.0, moved between 1,744.99 and 1,754.0 during the trading session. Market breadth was positive with gainers leading losers 562 to 558. A total of 636 counters were unchanged, 897 untraded, and 12 suspended. Turnover increased to 4.20 billion units worth RM3.17 billion compared with 3.31 billion units worth RM3.00 billion on Friday.
As China's Golden Week kicks off on October 1, Chinese travelers are flocking to Europe and other international destinations in one of the strongest travel rebounds since the country reopened its borders. According to Qunar and Trip.com, two of China's leading online travel agencies, bookings for overseas flights and hotels have more than doubled from last year. Notably, Europe has emerged as a top destination, with overseas car rentals surging by more than 150% and cruise vacations skyrocketing seven-fold, as reported by Fliggy, Alibaba Group’s travel arm.
While Asia remains a favorite, with destinations like Japan and Malaysia seeing high demand, many Chinese tourists are opting for long-haul trips to locations such as Belgium, Croatia, the Nordic countries, and the United Arab Emirates. "We expect this Golden Week to approach pre-pandemic travel levels," noted Dragon Trail International, a firm that monitors Chinese travel trends.
The recovery of Chinese tourism is a key metric for the global travel industry, as Chinese tourists accounted for 14% of global tourism spending before the pandemic. Despite international travel still lagging slightly behind 2019 levels, Kuala Lumpur has seen a 142% increase in visitors, while other visa-free destinations like Hong Kong, Macau, and Singapore are experiencing double-digit growth, according to ForwardKeys.
Shifting away from large group tours, Chinese travelers are now opting for more intimate trips to less crowded locales, such as Yokohama and Takayama in Japan. Additionally, nature and wellness destinations, including Phu Quoc island in Vietnam and the hot spring town of Higashizu in Japan, are gaining popularity.
Domestically, over 1.94 billion trips are expected on the mainland, a nearly 20% jump compared to 2019, with many travelers using cars and high-speed rail to explore local destinations.
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