Hong Kong stocks rebounded into the positive territory on Tuesday, driven by surging oil shares on speculation that France's airstrikes in Syria against the Islamic State could disrupt the flow of oil from the troubled Middle East.
The benchmark Hang Seng Index moved up 253.43 points, or 1.15 percent, to close at 22,264.25, after trading between 22,243.96 and 22,497.33. Turnover totaled 73.86 billion HK dollars (about 9.53 billion U.S. dollars). The Hang Seng China Enterprises Index rose 0.95 percent, or 94.73 points, to close at 10,073.43 points. All of the four sub-indices gained ground.
The Properties rose the most by 1.52 percent, followed by the Commerce & Industry 1.35 percent, the Utilities 1.11 percent and the Finance 0.89 percent. Oil shares led the increases. CNOOC jumped 3.21 percent to close at 8.39 HK dollars. China's top refiner Sinopec increased 0.6 percent to 4.99 HK dollars. PetroChina, the country's largest oil and gas producer, rose 2.01 percent to 5.59 HK dollars.
Mainland-based financial stocks rallied. Bank of China gained 1.46 percent to close at 3.48 HK dollars. China Construction Bank went up 0.94 percent to 5.39 HK dollars. Industrial and Commercial Bank of China, the nation's largest lender, rose 1.06 percent to 4.75 HK dollars.Banking giant HSBC, which accounts for the largest weighting of the Hang Seng Index, added 0.91 percent to 60.95 HK dollars. Bank of East Asia, one of the largest local banks in Hong Kong, moved up 0.9 percent to close at 27.9 HK dollars.
Local bourse operator HKEX edged up 0.77 percent to 208.6 HK dollars. Local developers rose across the board. Sun Hung Kai, one of Hong Kong's largest property developer by market value, closed at 97.85 HK dollars, up 1.14 percent. Henderson Land climbed 1.59 percent to 47.9 HK dollars. CKH Holdings ended at 102 HK dollars, up 0.99 percent. (1 U.S. dollar equals to 7.75 HK dollars)
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