Hong Kong stocks led a surge in Asian markets as China’s stepped-up efforts to boost the economy.

The Hang Seng Index climbed as much as 2.2pc to put it on track for a ninth consecutive day of gains, which would be its the longest winning streak since January 2018.

Gains were driven by e-commerce giant Alibaba climbing 3.5pc and rival JD.com gaining 4.2pc.

Chinese markets are closed for holidays from May 1-3.

Jason Lui, head of APAC Equity and derivative strategy at BNP Paribas, said China’s politburo statement at the end of April “indicates a stronger commitment to a pro-growth and pro-reform policy agenda”.

Vey-Sern Ling, managing director at Union Bancaire Privee, added: “The strong performance in the past two weeks is probably attracting more fund inflows for fear of missing out. 

“Even after the sharp rally, valuations for the China tech stocks are still well below historical average as well as when compared with global peers.” 

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