Hong Kong Stocks Soar to Three-Year High Amid Tech Rally

Hong Kong stocks hit a three-year peak, driven by tech sector gains. Stimulus and strong data have spurred investor confidence, with the Hang Seng and Hang Seng Tech indices seeing notable increases. China's indices also advanced on improved consumption data, enhancing market sentiment and attracting global interest.

Hong Kong's stock market surged to its highest point in three years on Tuesday, primarily fueled by significant gains in the tech sector. Investor confidence was bolstered by recent stimulus measures and robust data.

The Hang Seng Index rose 1.8% to 24,580.78 at midday, marking the index's peak since February 2022. Notably, the Hang Seng Tech Index advanced by 2.8%, with tech giants Baidu, Alibaba, and Tencent all experiencing substantial increases.

The positive trend extended to mainland China's markets, with the CSI300 and Shanghai Composite indices seeing modest gains. China's improving consumption data and new economic stimulus have addressed concerns regarding economic fundamentals, encouraging investment inflows.

(With inputs from agencies.)