HK stocks rebound, up more than 2 percent

The Hang Seng Index opened higher and extended its rally in the afternoon session, finishing the day 2.1 percent or 609 points higher at 28,892.

Market turnover reached over HK$201 billion.

Mainland e-commerce giant Meituan was the top gainer on the index, surging nearly 10 percent to HK$391 after some investment banks lifted their target price for the stock.

Other tech shares also rose, with Tencent gaining over 4 percent and Xiaomi earning 2 percent.

Markets across the border also closed higher, after figures showed mainland factory activity continued to expand last month, albeit at a smaller pace.

The blue-chip CSI300 index was up more than 1 percent and the Shanghai Composite index gained 0.6 percent during the day.

Most markets in the region also rallied amid a rise in shares of miners after an ongoing retail frenzy shifted its attention to silver.

South Korea’s Kospi surged 2.7 percent, its biggest daily gain in about three weeks.

The Nikkei in Japan jumped one-and-a-half percent as upbeat earnings forecasts and gains in beaten-down chipmakers lifted sentiment.

Taiwan and Australia closed higher as well, helped by gains in precious metal stocks.

The price of silver rallied for a third straight session on Monday, soaring as much as 11 percent to a near eight-year peak.

The surge comes as retail investors in Asia followed up on frenzied buying by US counterparts last week after a social media-led call to push the market higher.