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Roundup: Hong Kong stocks rebound 2 pct, oil majors surge

Xinhua, December 16, 2015 Adjust font size:

Hong Kong stocks rebounded sharply on Wednesday as oil majors surged and the imminent U.S. interest rate decision set to remove a major uncertainty currently haunting markets.

The benchmark Hang Seng Index rose 426.84 points, or 2.01 percent, to close at 21,701.21 points after trading between 21,557.73 and 21,772.79.

Turnover totaled 67.87 billion HK dollars (about 8.76 billion U.S. dollars).

The Hang Seng China Enterprises Index jumped 2.08 percent, or 194.59 points, to close at 9,538.66 points.

Three sub-indices gained ground, with the Commerce and Industry rising the most by 2.56 percent, followed by the Finance 1.95 percent and the Properties 1.41 percent. The Utilities was down 0.34 percent.

Oil shares got a boost after the Chinese government said late Tuesday that it would postpone the cuts in retail petrol and diesel prices to restrain oil consumption and spur environmental protection.

PetroChina, the country's largest oil and gas producer, rallied 4.95 percent to close at 5.3 HK dollars. Sinopec, the largest oil refiner, added 7.32 percent to 4.69 HK dollars. CNOOC gained 3.42 percent to end at 8.17 HK dollars.

Mainland-based financial stocks rallied. The Industrial and Commercial Bank of China, the world's biggest lender by market value, rose 2.46 percent to 4.58 HK dollars. Bank of China increased 2.1 percent to close at 3.4 HK dollars. Bank of Communications climbed 2.67 percent to 5.39 HK dollars.

Banking giant HSBC, which accounts for the largest weighting of the Hang Seng Index, added 2.04 percent to 60.1 HK dollars.

Bank of East Asia, one of the largest local banks in Hong Kong, increased 2.12 percent to close at 26.5 HK dollars.

Local bourse operator HKEX gained 2.1 percent to 199.4 HK dollars.

Sun Hung Kai, one of Hong Kong's largest property developer by market value, closed up 0.8 percent to 94.25 HK dollars. Henderson Land ended 1.94 percent higher at 47.2 HK dollars. (1 U.S. dollar = 7.75 HK dollars) Endit