Technology and property companies led the charge.
Bloomberg reports that stocks in Hong Kong, led by technology and property companies, rallied against bleak market conditions as the Hang Seng Index climbed 2.1% this morning thanks to a global equity rebound which emboldened local investors.
This comes amidst a depressing start to the stock season with the Hong Kong benchmark bearing the brunt of the recent onshore selloff with a massive $475m loss.
The HSI and Chinese benchmarks are still down more than 8% this month as the fate of most stocks are still in limbo with the earnings results to be revealed after Chinese New Year.
Hong Kong markets will be closed Friday and Monday for new year holidays, whilst mainland bourses will be shut for a week from Thursday.
Here’s more from Bloomberg:
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