Stocks jumped on Thursday in Hong Kong, registering a gain on the first trading session in the Year of the Rabbit, with local equities catching up with positive ground made in other markets as trade resumed after the three-day Lunar New Year holiday.

The benchmark Hang Seng Index surged 522.13 points, or 2.37%, to close at 22,566.78, the highest since 2 March 2022, whilst the Chinese H-shares Hang Seng China Enterprises Index climbed 2.98% to finish at 7,706.72, the highest since 5 July.

Hang Seng TECH Index gained 4.3%, the IT sector soared 3.2%, and the Hang Seng Mainland Properties Index surged 4.5% 

Mainland China markets are due to resume on Monday.

The Lunar New Year celebrations this year are important for the economic and social well-being of Hong Kong, according to many experts. After three years of travel restrictions because of the pandemic, millions of families worldwide are more freely celebrating.

“Since it began gradually reopening its borders with China earlier this month, Hong Kong has welcomed a flood of citizens travelling between the city and the mainland for the celebration of the Spring Festival,” reports The Washington Post. “In mainland China, Chunyun, the 40-day period surrounding the festival, typically sees many people travel to their hometowns to be with their families.”

Indeed, it’s sometimes referred to in the region as ‘the world’s largest migration.’

However, according to the Associated Press, Chinese travellers are staying closer to home this year, favouring Hong Kong and Macao over other typically popular places such as Bangkok, Bali, Indonesia, and Hokkaido.

Elsewhere in the region on Thursday, MSCI’s Asia ex-Japan index was up by 1.17%, while Japan’s Nikkei was down 0.12% at the closing bell.