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Hong Kong stocks extend the best start to a year since 1999 as Alibaba Group and tech peers advance. China’s reopening pace and the Fed rate outlook continue to brighten the market outlook.
Investors pushed the benchmark Hang Seng Index to the highest level since mid-July as Beijing delivered more policy support to revive the economy. Alibaba logged a 17 per cent, four-day winning streak.
China's A-share market began trading in the new year on a positive note on Tuesday, riding a bounce in the shares of companies in the fields of information technology, green energy and healthcare.
Stocks chalk up further gains in the new year on China’s pledge to shore up its virus-hit economy. Alibaba and top Chinese developers pace early winners. Mainland funds plough more money into Hong Kong stocks.
Local stocks erase early losses as bulls charge in betting on the benefits of China reopening its borders. Concerns remain about the Covid-19 situation on the ground amid information gaps.