Hong Kong shares rallied on Wednesday, rising over 3 percent, as financials and energy stocks shone just a day before China markets reopen after the national holidays. The Hang Seng index rose 3.1 percent, to 22,515.76 points, the highest close since August 20. The Chinese Enterprise Index rose 4.7 percent in its biggest daily gain in percentage term since September 9, to 10,394.79 points.
The benchmark H-share index was up 10.5 percent during the China holiday between October 1 and 7. Financials took the lead, with banks seeing a surge in their shares. Industrial and Commercial Bank of China rose 5 percent, Bank of China surged 4.6 percent, while China Construction Bank climbed 4.5 percent.
Energy shares also extended their gains on the back of higher oil prices, as CNOOC rose 13.7 percent, while PetroChina jumped 9.2 percent and Kunlun Energy Co advanced 8.5 percent. With China's markets resuming trade Thursday, a series of IPOs in the pipeline in Hong Kong, and US earnings season around the corner, analysts expect to see activity pick up and increased volatility.
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