The Hang Seng surged 242 points, or 1.2%, to close at 20,397 on Thursday, reversing losses in the previous two sessions amid expectations of strong policy support measures from China's ongoing annual Central Economic Work Conference.
Earlier this week, the Politburo recommended a "moderately loose" monetary policy to support the sluggish economy, though it did not provide details.
However, a significant drop in U.S. futures capped further gains, following a record close on Wall Street's Nasdaq on Wednesday, as U.S. inflation matched expectations ahead of next week's FOMC meeting.
While all sectors posted gains, supported by continued gains in China's markets, the tech index jumped 1.5% following a report that Nvidia Corp. is ramping up hiring in mainland China this year to boost its research capabilities and focus on AI-driven cars.
Shares linked to consumption surged, including China Resources Beer (+5.3%), Budweiser Brewing (+4.6%), Trip.com (+4.5%), and Haidilao Intl. (3.9%).
Source: Trading Economics
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