Hang Seng Tech Index (HKHSTECH)

A journalist friend asked, why has the Hang Seng Tech Index been performing so insanely well these past two days? Why such a big rally? Let me be blunt: I think searching for causality in everything is a relic of our hunter-gatherer instincts - there aren't always clear reasons. The tech stock rally in Hong Kong either has no single cause, or has countless causes. Your buying is a cause, my buying is a cause, even someone not selling becomes a cause. Short covering is a cause, continuous southbound capital inflow is a cause. The fundamental reason is simply that valuations have been suppressed for too long. The potential energy was there - the specific trigger doesn't matter at all. Or rather, you could never predict exactly when the breakout would happen. Expectation recalibration, ideological liberation, greed unleashed.