Hong Kong stocks close 1.17% higher

Hong Kong shares rebounded from their lowest level in more than three months on Tuesday after dropping in the last two trading days, thanks to gains in financial heavyweights.

The benchmark Hang Seng index closed up 229.74 points, or 1.17 percent, at 19,944.94, after trading between a day high of 20,013. 33 and a day low of 19,672.39 points.

Turnover totaled 57.67 billion HK dollars (7.4 billion U.S. dollars) compared with Monday's 67.12 billion HK dollars. The H-share index gained 1.72 percent to end at 11,426.18 points.

Shares of the HSBC, one of the world's biggest banks whose major businesses are in Europe, rose 1.51 percent to end at 74 HK dollars after falling for three consecutive trading days in the wake of the debt crisis in Europe.

Other financial heavyweights also gained in the day.

Shares of the ICBC, the world's largest bank by market value, edged up 2.5 percent to 5.75 HK dollars. China Construction Bank, one of the country's four largest state-owned banks, rose 1.29 percent to 6.29 HK dollars.

Another major lender, Bank of China, gained 1.79 percent to 3.99 HK dollars.

The two leading insurers Ping An and China Life also gained. China Life, one of the world's largest life insurer by market value, rose 2.24 percent to close at 34.3 HK dollars per share. Shares of Ping An were up 2.26 percent to 61 HK dollars.

China Mobile, the world's largest mobile operator by subscribers, edged up 1.49 percent to 75 HK dollars.

Mainland property developers tracked big gains of property shares in the Shanghai and Shenzhen stock markets. China Resources Land rallied 6.53 percent to 14.04 HK dollars, while China Overseas rose 2.97 percent to 14.58 HK dollars.

Oils and commodity firms also rebounded after several days of declines amid concerns over weak demand.

Sinopec and PetroChina, both of which are among the 43 constituent stocks of the Hang Seng Index, rose 1.7 percent and 0.24 percent, respectively.

Major coal producer China Shenhua, which is also one of the 43 constituent stocks of the Hang Seng Index, edged up 0.67 percent to 29.95 HK dollars. (1 U.S. dollar equals to 7.798 HK dollars.)

Source: Xinhua