CHINESE stocks linked to movies rallied after the government allowed reopening cinema halls that have been shut for almost four months in the fight to contain the coronavirus outbreak. Entertainment and leisure facilities such as parks, tourist attractions, museums and theaters can reopen provided they take measures such as limiting attendance to control crowds, according to a guideline issued by the State Council on Friday. Hong Kong-listed Maoyan Entertainment jumped as much as 9.6 percent yesterday, while Imax China Holding Inc. rose as much as 7.3 percent, compared with a 2.2 percent gain in the city’s benchmark Hang Seng Index. Alibaba Pictures Group Ltd. climbed as much as 9 percent. The move by authorities signals China’s attempt to get the world’s second-biggest economy back on track as COVID-19 infections ease. Cinemas in the country have stayed shut since late January, just when many producers were about to release their movies over the Lunar New Year holidays. The outbreak could cost about 30 billion yuan (US$4.2 billion) in lost box office sales this year, the China Film Administration estimated last month. “The industry is finally seeing the light of dawn after a long freeze,” Huatai Securities Co. analysts including Zhu Jun, wrote in a note Sunday. (SD-Agencies) |