South Koreans bought the most Hong Kong Special Administrative Region equities in three years in February as investors chased gains from a stock market rally.

They snapped up shares worth $189 million on a net basis last month, according to depository data compiled by Bloomberg. The trend has continued into March, with stock purchases poised to be the biggest two-month net buy since early 2021.

The moves mark a dramatic recovery in trader-sentiment for Hong Kong shares, with South Korean investors being net sellers for the past year. The benchmark Hang Seng Index has surged 18 percent this year, while Chinese mainland investors have continued to boost holdings as they bought a record amount of Hong Kong SAR equities on Monday.

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Meanwhile, US stocks have recently suffered massive losses amid growth and tariff concerns, dealing a blow to risk-loving Korean retail investors.