Continuing frenzied market sentiment pushed the Hong Kong stock market to a record-high turnover for the second consecutive trading day.

The city’s benchmark Hang Seng Index gained 2.4 percent to close at 21,133 points on Monday, with another record-breaking market turnover of HK$506 billion ($64.8 billion). Last Friday, the HSI market turnover value reached HK$445 billion.

The Hang Seng TECH Index gained 6.7 percent to close at 4,751, while the Hang Seng China Enterprises Index jumped 2.9 percent to close at 7,509.

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The stock market index hike was mainly attributed to gains in Chinese mainland-based technology titan shares, such as Alibaba Group Holding, Meituan and Tencent Holdings. Financial stocks such as Hong Kong Exchanges and Clearing and Ping An Insurance (Group) Company of China also soared.

UBS Investment Bank Research predicted more upside coming from a lower interest rate, weaker US dollar, stronger than expected policy stimuli, and improved earnings revisions.

“We lift our HSI index target by 7 percent to 22,100 based on a higher target forward price-to-earnings ratio of a multiple of 10. In terms of stock selection, we maintain our barbell approach, preferring both defensive high yielders and travel-related stocks but tilting less defensive stocks,” suggested Angus Chan, head of Hong Kong Strategy at Switzerland-based UBS Investment Bank.

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Bank of Singapore, the private banking arm of Singapore-based lender OCBC Bank, said “the start of a sustainable bull market cannot be ruled out if Beijing delivers sufficiently sizable stimulus to successfully drive a turnaround in macro fundamentals”.

Eli Lee, the private bank’s chief investment strategist, said the bank continues to favor quality yield stocks, large cap internet and platform companies, brokerage firms and Hong Kong Exchanges and Clearing, which stand to benefit from increased turnover and fund-raising activities ahead.

Last week, the country’s central bank unveiled a coordinated stimulus package comprising rate cuts and lower reserve requirement ratios, property-easing measures, and policies to support the equity market. These measures drove the HSI to rally 13 percent last week, the best weekly gain in 26 years.

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In September, the stock index swelled over 17 percent, the highest monthly gain in nearly two years. For the third quarter of the year, the HSI hiked over 19 percent, the best quarterly gain over 15 years.