Hong Kong stocks rallied, with consumer shares leading gains on expectations of more policy support for the sector.

The Hang Seng Index (HSI) increased by 2.12%, and the Hang Seng Technology Index (HSTECH) climbed by 2.31%.

Hong Kong technology stocks made a strong comeback, with notable performances from Tencent, Alibaba, and other tech giants. Tencent rose by 2.76%, Alibaba increased by 3.27%, and JD.com surged by 5.34%. Meituan also saw a significant gain of 5.41%, while Xiaomi rose by 1.89%.

In the insurance sector, Ping An saw a substantial increase of 5.59%, and China Pacific Insurance (CPIC) surged by 9.66%. New China Life Insurance (NCI) also performed well, rising by 11.35%.

WuXi Biologics experienced a remarkable increase of 14.38%, making it one of the top gainers of the day. Beike Medical also saw a significant rise of 8.41%.

Other notable stock movements included CITIC Securities, which rose by 4.82%, and China Galaxy Securities, which increased by 4.69%. Haitong Securities saw a gain of 6.57%, and China International Capital Corporation (CICC) rose by 4.86%.

In the gold sector, Shandong Gold Mining saw a gain of 5.46%. However, not all stocks performed well. AIA saw a decline of 2.47%, and CK Hutchison Holdings fell by 6.38%. XPeng also experienced a drop of 3.56%.

Officials from the finance ministry, commerce ministry, the central bank and other government bodies plan to hold a press conference Monday on measures to boost consumption.

“The press conference on boosting consumption fanned expectations on policy support,” said Shen Meng, a director at Beijing-based investment bank Chanson & Co. “But if it falls short of providing details on increasing income, such optimism may weaken to some extent.”

A sub-gauge of consumer staples surged more than 4%, its biggest gain since Nov. 7. Investor sentiment in the sector has improved following China’s annual parliamentary huddle this month, where top leaders made boosting consumption a top priority for the first time since President Xi Jinping came to power over a decade ago. While details on the plan remain scarce, some analysts have recommended investors buy consumer stocks.

Investors are also awaiting a slew of January and February economic data due to be released at 10 a.m. local time on Monday. China’s retail sales likely picked up and investment stayed steady from last year’s full-year figures, according to forecasts by economists in a Bloomberg survey.