Hong Kong stocks surge on upbeat recovery signs

HONG KONG, March 1 (Xinhua) -- Hong Kong's major shares staged an impressive comeback Wednesday after sluggish performances in February, as investors digested upbeat signs for economic recovery.

The benchmark Hang Seng Index surged 4.21 percent to close at 20,619.71 points. The index suffered a loss of 9.4 percent in February as investors took profits after a strong rebound in previous months.

The Hang Seng Tech Index soared 6.64 percent to close at 4,185.62 points, while the Hang Seng China Enterprises Index jumped 5.06 percent to close at 6,914.3 points.

The rebound came after the release of China's official data of the manufacturing purchasing managers' index, which maintained expansion for two straight months, the latest sign of a faster economic recovery.

Wednesday also marked the first day that Hong Kong lifted its mask mandate, a move that analysts said would boost investor confidence in economic vitality, especially in fields including tourism and aviation.

Paul Chan, financial secretary of the Hong Kong Special Administrative Region (HKSAR) government, expected that the Hong Kong economy would see a visible rebound in 2023 with a growth of 3.5 percent to 5.5 percent for the year.