Hong Kong stocks surged Thursday morning, with the Hang Seng Index climbing 2.5% to 24,183.07, reaching its highest level since January 2022 and extending its year-to-date gains to 23.37%.
What Happened: Chinese tech giants led the rally on Hong Kong Exchange, with Alibaba Group Holding Ltd (NYSE:BABA) (OTC:BABAF) rallying 7.24% to 139.30 HKD ($17.93) and Tencent Holdings Ltd (OTC:TCEHY) jumping 5.84% to 534.00 HKD ($68.72).
Other major tech firms also posted substantial gains, including Baidu Inc (NASDAQ:BIDU) up 3.83% to 90.80 HKD ($11.68), JD.com Inc (OTC:JDCMF) rising 4.06% to 171.20 HKD ($22.03), and Meituan (OTC:MPNGY) advancing 4.08% at 179.50 HKD ($23.10).
The market rally follows Premier Li Qiang‘s announcement of increased fiscal stimulus during China’s annual parliamentary meeting on Wednesday, …
