Phoenix New Media Hong Kong stocks | BoCom International reported that the news of a variant virus in Africa caused four Hong Kong airlines to fall by an average of 4 per cent on Monday.
The bank expects domestic air traffic to remain weak in December and the first quarter of next year as hundreds of flights have been cancelled in major cities such as Shanghai as a result of the resurgence of the epidemic in China. On the other hand, worsening congestion at US ports, coupled with strong demand, is likely to continue to support freight rates in the short term.
BoCom maintains its buy ratings on COSCO Shipping (1919HK), Oriental overseas (316HK) and Haifeng (1308HK).