Mainland investors bought the most Hong Kong shares in over two years through trading links with the city on Monday.

A net HK$10.9 billion ($1.53 billion) of shares were purchased by onshore investors, the biggest daily flow since February 2021, following three straight days of net selling. That kind of interest from the mainland can have varied effects — the Hang Seng China Enterprises Index peaked shortly after a round of buying in early 2021.

This inflow comes after key Hong Kong gauges including the benchmark Hang Seng Index and HSCEI posted their biggest rally since early March on Friday, while the Shanghai Composite just nudged higher. Recent Chinese data have been weak, causing investors to question the strength of the post-Covid recovery, and a limited economic package announced Friday suggests broader stimulus measures may be off the table for now.

--With assistance from April Ma.