Hong Kong: Stocks rocket more than 4% at open

HONG KONG stocks soared more than 4 per cent at the open of trade on Wednesday (Oct 5) 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 rocketed up 4.29 per cent, or 732.46 points to 18,811.97.

Mainland Chinese markets are closed all week for a 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 5 per cent and Tencent up more than 3 per cent.

The Hang Seng has endured a tough year, losing about 25 per cent, as Hong Kong was hit by the impact of Covid restrictions at home as well as lockdowns in China that hammered the world’s number two economy.

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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. AFP