The surge in Hong Kong stocks yesterday ranks as the second biggest one-day points gain and the third biggest one-day percentage rise. The gain in points terms was outdone only by the rebound on the Hang Seng Index on October 29 last year, when the market bounced back 1,705 points after sliding 33 per cent in two weeks. Property companies and conglomerates led the rebound after the counters had been hit the hardest during the slide, which had taken the Hang Seng Index down from a high of 16,673.27 points on August 7 last year. Mainland-related stocks were also at the forefront of the recovery, while utility stocks, which had outperformed the market significantly over the past six months, were relative laggards. Brokers said the rebound was largely due to the increasing signs of stability in the region, and it was still too early to say whether it would be sustainable.