Energy Stocks Drive HSI To Modest Gains

Local shares finished higher on Tuesday, with energy shares leading the gains thanks to optimism over demand for oil from the US and Europe.

The Hang Seng Index began the day in positive territory, but briefly dipped into the red a couple of times during the morning session. The benchmark found more support after lunch and wrapped up 199 points, or 0.7 percent, higher at 28,557.

Market turnover was at HK$90.8 billion.

Sinopec was the top blue-chip gainer, soaring 4.1 percent, followed by PetroChina, which jumped 3.5 percent.

Sportwear stocks also fared well. Anta Sports added three percent, while Shenzhou International – a manufacturer for Nike and Adidas – put on 2.4 percent.

But heavyweight Tencent slipped 0.4 percent, and Meituan edged down 0.5 percent.

Markets in the mainland remained closed for the long Labour Day holiday.

Elsewhere in the region, South Korea and Australia each advanced 0.6 percent. But Taiwan retreated 1.7 percent, and Singapore inched down about 0.1 percent.