Tech rally pushes HSI back above 30,000

Local shares outperformed their regional peers on Monday, with the Hang Seng Index closing above 30,000 as sentiment was boosted by expectations of a massive fiscal stimulus package to lift the US economy.

The index rallied throughout the day with buying picking up in the afternoon. It closed up 711 points, or 2.4 percent, at 30,159, on turnover of HK$286.9 billion.

The Hang Seng Tech Index breached the 10,000-mark to a new high, before finishing up 4.5 percent at 10,206.

Heavyweight Tencent was a major contributor to the rally, which soared to a new high of HK$767.50, after Citi raised its price target. The stock finished the day 10.9 percent higher at HK$766.50.

Hong Kong Exchanges and Clearing also topped its previous peak after climbing more than 8 percent.

Meituan surged above its historic high as well to HK$407.60 before giving back some of the gains to finish at HK$399.80, up 5.2 percent.

Across the border, the Shanghai Composite Index put on half a percent, while the blue-chip CSI300 index gained 1 percent. The Shenzhen Composite index rose about a quarter of a percent.

Elsewhere, Samsung led the Kospi in South Korea up 2.2 percent despite news that the head of the tech giant decided against appealing his jail sentence over corruption. The Nikkei in Japan inched up about two-thirds of one percent. Australia added 0.4 percent. But Taiwan and Singapore each retreated about half a percent.