HONG KONG -- Hong Kong's Exchange Fund recorded an investment income of HK$97.9 billion (about $12.47 billion) in the first quarter of 2023, gaining for the second consecutive quarter and marking a year-on-year turnaround, according to the Hong Kong Monetary Authority (HKMA).

During the January-March period, the fund's investment in Hong Kong stocks registered gains of HK$3.3 billion, other equities collected HK$25.5 billion, bonds recorded a profit of HK$43.9 billion, and foreign exchange brought income of HK$25.2 billion.

The HKMA said it hopes to continue its efforts to make gains for the rest of 2023 with the Q1 gains, the amount of which was about half the fund's loss last year. ($1 equals HK$7.85)