Stocks in Hong Kong hit their highest level since late July on Wednesday amid expectation of a 'phase one' trade deal between Beijing and Washington, but pared gains as investors awaited further details. At the close of trade, the Hang Seng index was up 0.2% to 27,884.21, off its earlier peak - the highest level since late July. The Hang Seng China Enterprises index was up 0.5%.

The sub-index of the Hang Seng tracking energy shares rose 1.6%, the IT sector was up 0.5%, the financial sector was flat, and the property sector fell 0.2%. The top gainer on the Hang Seng was CNOOC Ltd, which gained 3.5%, while the biggest loser was WH Group Ltd, which fell 3.8%.

Top White House adviser Larry Kudlow said on Monday that a so-called "phase-one" trade deal between the United States and China had been "absolutely completed", and that US exports to China would double under the agreement. However, Chinese officials earlier said the dispute had not been completely settled.