Media365
Hong Kong stocks rose on Wednesday as fears over surging oil prices eased and Chinese tech names rebounded after a deep rout.
The Hang Seng Index gained 0.5 per cent to 26,028.00 as of 9.36am. The Hang Seng Tech Index edged up 0.6 per cent. On the mainland, the CSI 300 Index and the Shanghai Composite Index were little changed.
Oil prices fluctuated after the Wall Street Journal reported that the International Energy Agency proposed the largest ever oil release from its strategic reserve. The move is expected to bring down crude prices, which have been rocketing since the beginning of the US-Iran war in February.
Brent was about US$87.85 a barrel, far lower than the US$120 level it hit early this week. West Texas Intermediate oil traded at about US$83.50.
Limiting gains, textile manufacturer Shenzhou International Group fell 3.3 per cent to HK$55.80. NetEase lost 2.7 per cent to HK$182.90, while CSPC Pharmaceutical Group dropped 2.4 per cent to HK$9.04.
