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Hong Kong market advances

(RTTNews) – The Hong Kong stock market was trading higher on Wednesday morning in a truncated session following the overnight gains on Wall Street. Banking and oil stocks were trading higher.

At 9.26 P.M. ET, the benchmark Hang Seng Index was trading at 14429.41, up 193.91 points or 1.36%.

The market will close at midday on Wednesday and will remain closed on Thursday for the New Year holiday.

The Hong Kong stock market closed lower on Tuesday. The Hang Seng Index declined 92.98 points, or 0.65%, to finish at 14,235.50.

In Wednesday’s trading, oil producers Sinopec added 0.64% and PetroChina gained 0.59%. In the banking space, Industrial & Commercial Bank of China rose 1.22% and China Construction Bank advanced 1.19%.

Shares of fixed-line service provider PCCW Ltd. rose 8.2%. The company’s controlling shareholders Pacific Century Regional Developments Ltd. and China Network Communications raised their offer to take the company private to HK$4.5 per share from the prior offer of HK$4.2 per share.

Zijin Mining said Tuesday that it would partner major shareholder Minxi Xinghang State-owned Assets Investment Co. Ltd. to form a joint venture to build a copper refinery in Shanghang for 2.6 billion yuan. The company’s stock rose 2.56%.

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