Hong Kong’s Hang Seng index soars 7% as tech, property stocks surge; Japan’s Nikkei up more than 3%

Hong Kong’s Hang Seng index soars 7% as tech, property stocks surge; Japan’s Nikkei up more than 3%

SINGAPORE — Shares in Asia-Pacific rose in Thursday trade as the Chinese markets continue to extend gains from a rebound, while the U.S. Federal Reserve announced its first rate hike in more than three years.

Hong Kong’s Hang Seng index led gains among the region’s major markets, surging 7.04% to close at 21,501.23 and erasing heavy losses from earlier in the week. On Wednesday, the benchmark index saw its best day since October 2008 as it rocketed 9%.

The Hang Seng Tech index soared 7.76% to 4,572.79, with Tencent up 6.27%, Alibaba jumping 12.46% and JD.com surging 15.85%.

Mainland Chinese stocks finished the trading day higher, with the Shanghai composite up 1.4% to 3,215.04 while the Shenzhen component gained 2.408% to 12,289.97.

On Wednesday, China markets bounced after a Chinese state media report signaled support for Chinese stocks. U.S.-listed Chinese stocks followed suit. The report said regulators from both countries are working toward a cooperation plan on U.S.-listed Chinese stocks.

It also said authorities would work toward stability in the struggling real estate sector. China’s Ministry of Finance also announced there were no plans to expand a test of property tax this year.

Chinese real estate stocks in Hong Kong soared on Thursday, with Country Garden up 28.41%, Sunac rocketing 59.03% and China Evergrande Group popping 17.83%. The Hang Seng Properties index climbed 9.46% to 29,555.58.