Hong Kong stocks rocket more than 5% at open

Credit: CFP

Hong Kong stocks soared more than five percent at the open of trade Wednesday as investors returned from a public holiday to play catch-up, with a global rally fuelled by easing concerns about central bank interest rate hikes.

The Hang Seng Index climbed 5.16 percent, or 880.59 points, to 17,960.10.

Chinese mainland markets are closed all week for the national holiday.

The surge came in line with an advance across world markets after months of hefty losses and following data indicating the US economy was showing signs of slowing, allowing the Federal Reserve to take its foot off the gas.

Tech firms were among the biggest winners, with e-commerce titan Alibaba piling on more than six percent, Tencent up five percent and NetEase almost eight percent higher.

The Hang Seng has endured a tough year, losing about 25 percent, as Hong Kong was hit by the impact of Covid restrictions at home.

But there has been some upbeat news of late, with city leaders easing strict hotel quarantine rules for incoming travellers, fuelling hopes for the economy.

That has helped tourism-linked firms to rally, particularly Macau casinos, with Wynn Macau and Sands China each up 5.5 percent, while MGM China put on 4.7 percent.

Airline Cathay Pacific jumped 0.61 percent.