Hong Kong stocks reversed early losses and rebounded sharply on Wednesday as the market expected China to loose macro control measures to stabilize the stock markets and the economy.
The benchmark Hang Seng Index weakened 95.58 points, or 0.46 percent, to open at the day's lowest 20,388.79 but was soon lifted out of negative territory by the strong performance of stock markets in the Chinese mainland amid reports of China's economic stimulus plans.
The market extended its gains by as much as 486.82 points, or 2. 37 percent, to the day's highest 20,971.19 before narrowing to close at 20,931.26, up 446.89 points, or 2.18 percent.
Turnover rose to 62.33 billion HK dollars (8 billion U.S. dollars) from Tuesday's 46.53 billion HK dollars (5.96 billion U.S. dollars).
China Mobile, the largest stock measured by market capitalization, bounced 3.22 percent to 94.5 HK dollars as its subscribers rose by 7.1 million to 422 million by the end of July, lifting the index by 76.23 points alone.
Market heavyweight HSBC, which accounts for the largest weighting of the Hang Seng Index, edged up by 0.09 percent to 120.9 HK dollars.
Hong Kong Exchanges and Clearing Limited, the market's sole operator, recovered 5.24 percent to 99.5 HK dollars.
Local property companies in Hong Kong all bounced. SHK Property, the largest house developer in Hong Kong, gained 0.87 percent to 104.7 HK dollars. Cheung Kong added 1.96 percent to 104 HK dollars. New World Development bounded 1.93 percent to 11.62 HK dollars. Sino Land rebounded 3.2 percent to 12.9 HK dollars. Henderson Land rose 2.23 percent to 45.8 HK dollars. Hang Lung Property advanced 1.52 percent to 23.35 HK dollars.
China Enterprise Index, or H-shares composed of companies registered in the Chinese mainland, rebounded 464.72 points, or 4.34 percent, to 11,179.16 following a upsurge of more than 7 percent of stock markets in the Chinese mainland.
Energy companies were all higher. PetroChina, or the country's largest oil producer, gained 3.02 percent to 9.89 HK dollars. Sinopec, Asia's largest oil refiner, went up 4.37 percent to 7.88 HK dollars. CNOOC, China's largest offshore oil producer, soared 5.35 percent to 10.64 HK dollars.
China's property companies listed in Hong Kong were higher amid reports that the country will loosen the macro control measures over the housing industry. Country Garden rose 3.35 percent to 3.7HK dollars. R&F Properties surged 12.33 percent to 13.12 HK dollars. KWG Property rose 5.94 percent to 3.57 HK dollars.
China's banks and insurance companies listed in Hong Kong all rose. ICBC, China's largest lender, went up 2.95 percent to 5.23 HK dollars. Bank of China, the country's second largest bank, went up 1.86 percent to 3.28 HK dollars. China Construction Bank increased 3.56 percent to 6.11 HK dollars. Bank of Communications gained 4.3 percent to 8.98 HK dollars. China Merchants Bank surged 6.12 percent to 25.15 HK dollars. China Life, the country's largest insurer, added 4.33 percent to 27.7 HK dollars. Ping An, the second largest insurance company, soared 8 percent to 52.7 HK dollars. (7.8 HK dollars = 1 U.S. dollar)
Source: Xinhua
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