European travel stocks bore the brunt of Paris massacre as the stocks slumped down due.Loss of consumer confidence due to the attack can be attributed to this bear show but the stocks have a potential to revive back after the holiday season.
“I don’t think the Paris events will touch the market and the economy on the whole. There is no more a tendency to panic in the wake of such attacks,” said Massimo Baggiani, head of international equity at Italy’s Symphonia.
“Certainly there will be a decline in tourism and hospitality activity for a few days. But I don’t expect this to drag on into Christmas,” he said in a statement given to ET .
Shares of Frech hotel group Accor slumped by almost 5.5% , while the shares of Airfrance slided by more than 5%.Luxury stocks like Hermes,LVMH and Kering were also down by quater to 1% .
A slight upstick in energy stock was seen as the mood in the entire market was glum.