In line with a rally across Asia, Hong Kong’s stock market on Monday saw its highest level since early March, with the Hang Seng Index at one point surging over 1,000 points, or 4.2 percent, to 26,454 points.

The market closed at 26,339 points, with the gain narrowed to 3.8 percent, on a turnover of more than HK$250 billion ($32.3 billion), the highest in over two years.

US investment bank Jefferies Group remains bullish on the Hang Seng Index, expecting it to reach 30,000 by year-end.

The broker believes profits of Hong Kong-listed firms may have just started rising, restating its upbeat view on Hong Kong stocks due to the slide in the Hong Kong Inter-bank Offered Rate, the Fed-led monetary base expansion, higher hotel occupancy, flourishing IPOs, and the fact that the Hong Kong dollar is still pegged to the US dollar.

Meanwhile, the Hong Kong Monetary Authority unveiled the launch of a cross-boundary wealth management connect pilot program in the Guangdong-Hong Kong-Macao Greater Bay Area, Jefferies said.