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Hong Kong stocks are off to their best start since 2018 on China recovery hopes

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Property and technology stocks continued to lift the Hang Seng index, which rose more than 3% in Wednesday's session.

Shoppers purchase festive sweets ahead of Lunar New Year at a street stall in Hong Kong, China, on Sunday, Jan. 30, 2022. Photographer: Chan Long Hei/Bloomberg via Getty ImagesThe government will work on expanding and improving the "effectiveness of the proactive fiscal policy to cope with multiple challenges ahead," the minister was quoted as saying.

Chinese investment bank Guotai Junan Securities said the performance of Hong Kong stocks will affect the wider global market. "The Hang Seng Index may lead other major global stock indices in 2023, with around 30% expected return," analysts at the firm said in a Wednesday note. "The index valuation may see further rerates, and we expect the HSI to recover to its previous level before Jun. 2022," they said in the note.

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