[Market Focus] Travel Stocks Surge on Hopes for Xi Jinping's Visit to Korea... Yellow Balloon Tour Up Over 9%

On the morning of September 17, shares of travel-related companies, including Yellow Balloon Tour, showed strong gains on the domestic stock market. This surge is attributed to growing expectations for improved South Korea-China relations, following reports that Chinese President Xi Jinping may visit South Korea on the occasion of the Asia-Pacific Economic Cooperation (APEC) summit in Gyeongju.

According to the Korea Exchange, as of 10 a.m. on this day, shares of Yellow Balloon Tour were trading at 6,910 won per share, up 9.68% from the previous session. At the same time, Lotte Tour Development rose 4.03% to 18,090 won, and Very Good Tour jumped 3.21% to 7,390 won. Both Modetour and Hanatour were also showing upward trends.

This buying trend is analyzed as a response to news that President Xi Jinping is expected to visit South Korea during the APEC summit in Gyeongju. Before departing for Beijing from Gimpo Airport, Minister of Foreign Affairs Cho Hyun told reporters, "I understand that President Xi will visit South Korea for the APEC summit," adding, "We will discuss the specific details regarding this matter."

Additionally, the temporary visa-free entry for Chinese group tourists starting on September 29, as well as the upcoming Chinese National Day holiday next month, are also contributing to the rise in travel stocks.