BEIJING: Hong Kong stocks have climbed 0.29 per cent while Shanghai surged 2.45 per cent, boosted by a rally in oil prices and hopes for fresh economy-boosting measures by China’s leaders.
Hong Kong’s benchmark Hang Seng Index added 70.04 points to 24,554.78 on turnover of $HK80.31 billion ($A13.27 billion).
US investors provided a strong lead, thanks to a pick-up in the price of oil that came on the back of data showing the number of rigs drilling had tumbled. Both West Texas Intermediate and Brent contracts enjoyed a boost in buying after plunging about 60 per cent since June.
On Wall Street, the Dow rallied 1.14 per cent, the S&P 500 jumped 1.30 per cent and the Nasdaq added 0.89 per cent.
Shanghai’s advance also helped buying sentiment after soft manufacturing data on Sunday and Monday highlighted weaknesses in the Chinese economy and increased talk of more stimulus from Beijing.
The market gains “could be on expectations of some policy easing” after the manufacturing figures, Audrey Goh, a Singapore-based investment strategist at Standard Chartered, told Bloomberg News.
“I won’t be surprised to see more easing measures,” she said.
Energy firms were big winners, with CNOOC adding 3.50 per cent to $HK10.64, PetroChina up 1.90 per cent at $HK8.60 and Sinopec rallying 1.81 per cent to $HK6.18.
Among other firms, HSBC rose 0.35 per cent to $HK71.50, China Life surged 4.52 per cent to $HK31.25 and New World Development put on 0.65 per cent to end at $HK9.36.
In mainland China, the benchmark Shanghai Composite Index surged by 76.61 points to 3,204.91 on turnover of 283.4 billion yuan ($A58.02 billion).
The Shenzhen Composite Index, which tracks stocks on China’s second exchange, rose 2.02 per cent, or 30.33 points, to 1,533.22 on turnover of 222.7 billion yuan.
“The market has seen some wide-ranging fluctuations in the past month, and the rebound today is normal following falls yesterday,” said Sun Jianbo, Beijing-based strategist with China Galaxy Securities.
The Shanghai index has dropped 0.92 per cent so far this year to Tuesday, following a more than 50 per cent rise in 2014.
