HSI Rises On Oil Gains, Profit Taking Hits Tokyo

Hong Kong stocks added to this week's gains on Wednesday with energy firms boosted by a jump in oil prices while investors remain hopeful a China-US trade war will be averted.

The Hang Seng Index rose 0.6 percent, to 30,897.

On the mainland, the Shanghai Composite Index climbed 0.6 percent, to 3,208 while the Shenzhen Composite Index closed up 0.5 percent, at 1,850.

Energy firms soared with oil prices in Asia on Wednesday but most other regional markets flitted between gains and losses after the previous day's rally, with hopes that a China-US trade war will be averted providing support.

President Xi Jinping soothed world markets on Tuesday with a conciliatory speech pledging to further open up the world's number two economy, ease auto tariffs and take action on US intellectual property rights.

Tokyo stocks closed lower as investors locked in profits after two days of gains. The benchmark Nikkei 225 index fell 0.5 percent, to 21,687.

Singapore gained 0.5 percent, Seoul edged down 0.3 percent and Taipei put on 0.4 percent. Sydney fell 0.5 percent and Wellington also slipped.

Energy firms were among the biggest gainers in Asia after a rally of more than 3 percent for both main oil contracts on Tuesday.

Hong Kong-listed CNOOC and PetroChina were each around 4 percent higher and Sinopec was also up. Inpex surged nearly 3 percent in Tokyo and Woodside Petroleum gained 1.2 percent in Sydney. (AFP)