A woman walks past an electronic display showing the Hang Seng Index in the Central district of Hong Kong on May 27, 2022. (BERTHA WANG / AFP)

HONG KONG - Hong Kong stocks jumped nearly 6 percent on Wednesday to post their best session in almost seven weeks, as hopes grew that global central banks could slow the pace of interest rate hikes amid early signs previous policy tightening was working.

The sub-index of the Hang Seng tracking energy shares rose 3.7 percent, while the IT sector gained 7.27 percent, the financial sector ended 6.07 percent higher and the property sector climbed 2.63 percent

Traders said hopes of less aggressive rate hikes fueled buying as markets tried to catch up with gains in world stocks after a one-day holiday in the city, but most participants kept to the sidelines with mainland markets closed for the week and ahead of US jobs data on Friday.

The Hang Seng Index closed 1,008.46 points, or 5.9 percent, higher at 18,087.97, with consumer discretionary stocks leading the rally. The Hang Seng China Enterprises Index rose 6.28 percent to 6,224.61.

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The sub-index of the Hang Seng tracking energy shares rose 3.7 percent, while the IT sector gained 7.27 percent, the financial sector ended 6.07 percent higher and the property sector climbed 2.63 percent.

The top gainer on the Hang Seng was Shenzhou International Group with a jump of 13.71 percent, while the biggest loser was Country Garden Holdings with a drop of 1.01 percent.

The top gainer on the Hang Seng was Shenzhou International Group with a jump of 13.71 percent, while the biggest loser was Country Garden Holdings with a drop of 1.01 percent

HSBC’s Hong Kong shares ended 5.7 percent higher in their best session since February 2021 on a report of Canadian business sale, while Standard Chartered jumped 7.2 percent, marking its best day since April 28.

READ MORE: HSBC eyes sale of multibillion-dollar Canadian business

Around the region, MSCI’s Asia ex-Japan stock index was firmer by 2.53 percent, while Japan’s Nikkei Index closed up 0.48 percent.

The top gainer among H-shares was Shenzhou International, followed by ANTA Sports Products, rising 10.46 percent, and Li Ning Co, up 10.41 percent.

The top gainers in the Hang Seng Tech Index were JD.Com, which jumped 10.1 percent, BYD Electronic, which surged 9.5 percent, and Kingsoft, which was up 9.1 percent.