The Hong Kong stock market saw gains following a positive phone call between Chinese President Xi Jinping and US President-elect Donald Trump.

The Hang Seng Index rose 1.7% to 19,917.38 as of 9:50 a.m. local time, while the Hang Seng Tech Index gained 2.4%. On the mainland, the CSI 300 Index climbed 1%, and the Shanghai Composite Index increased by 0.6%.

Key drivers of growth were shares of major Chinese tech companies. JD.com shares surged 4.1%, reaching HK$152.70. Alibaba Group Holding added 2.3%, rising to HK$82.60, while Baidu advanced 2.8% to HK$80.85.

The leaders of the US and China discussed international and regional issues, including the Ukraine crisis, the Israel-Palestine conflict, and the TikTok ban in the US.

Trump described the call as “very good” in a social media post, while Chinese news agency Xinhua quoted Xi saying that the US and China could become “good friends and partners.”

China’s Vice President Han Zheng confirmed his attendance at Trump’s inauguration, which will take place on Monday.

Nomura analysts noted that the potential improvement in US-China relations, including Han Zheng’s visit, helped boost Asian markets. However, investors remain cautious due to the possibility of trade tariffs from the Trump administration.

Meanwhile, China kept its key interest rates unchanged: the one-year loan prime rate remained at 3.1%, and the five-year rate, influencing mortgages, stayed at 3.6%.