Hong Kong's top share index finished higher on Wednesday, bucking declines on most Asia bourses, as heavily weighted global bank HSBC and China Mobile buoyed the local market.
The blue chip Hang Seng Index ended up 0.79 percent, or 96.20 points at 12,201.75. Volume was below recent averages with almost HK $11 billion changing hands (US $1.41 billion).
Most Asian stock markets dipped on concerns about soaring oil prices, which hit a record US $42.45 a barrel in Asian trade. Analysts said worries about prices and the security of global oil supplies will keep markets on edge.
Shares in global bank HSBC (Holdings), which accounts for over one-third of the weighting of the Hang Seng index, rose 1.29 percent to HK $117.50 on continued speculation that the bank may take a stake in China's Bank of Communications.
Traders said the banking giant was also supported by a rosy signs for the global economy, with HSBC poised to benefit due to its extensive global network.
Shares in the mainland's largest mobile phone carrier, China Mobile (Hong Kong) Ltd, rose 1.12 percent to HK $22.55. It recently posted its third straight month of strong subscriber growth.
State-backed conglomerate China Resources Enterprise Co Ltd gained 1.6 percent to HK $9.55 after it said it had struck a preliminary deal to buy a 20 percent stake in Zhengzhou Gas Co Ltd. On the downside, Chinese computer maker Lenovo Group, formerly known as Legend, dropped sharply after the firm reported a slim 7.55 percent rise in fourth quarter earnings year-on-year. Gains in its core computer business were capped by struggling newer businesses such as mobile phone manufacturing.
China's fourth largest beer maker, Harbin Brewery Group Ltd hit a record high at HK $6.10 in intraday trade after the world's top brewer Anheuser-Busch launched a US $720 million bid offer for the company, topping a bid by rival SABMiller.
Harbin's share price has more than doubled in the past year.
The Hang Seng China Enterprise index, which groups Chinese firms known as H-shares, finished the day up 1.15 percent at 4,294.64 boosted by heavily-weighted oil shares and petrochemical firms.
Higher crude prices fuelled gains for energy plays.
China's largest oil producer, PetroChina Co Ltd, rose 2.03 percent to HK $3.775, while China Oilfield Services Ltd was the top H-share gainer, rising 4.88 percent to HK $2.15.