Hong Kong stocks close 0.54% higher

Hong Kong stocks ended 0.54 percent higher on Wednesday, with the benchmark Hang Seng index rising 120.24 points to end at 22,437.44 points, after trading between 22,258.89 and 22,502.96. Turnover totaled 63.80 billion HK dollars (about 8.22 billion U.S. dollars). The Hang Seng China Enterprises Index rose 65.47 points, or 0. 67 percent, to close at 9,806.03. Three sub-indices gained ground, with the Commerce and Industry sub-index rising the most by 1.21 percent, followed by the Utility 1.02 percent and the Properties 0.16 percent. The Finance fell 0. 04 percent. Banking giant HSBC, which accounts for the largest weighting of the Hang Seng Index, closed 0.6 percent lower at 81.15 HK dollars, while its local unit Hang Seng Bank closed down 1.0 percent at 124. 80 HK dollars. Bank of East Asia, another Hong Kong's major bank, was down 0.6 percent at 31.90 HK dollars. Local bourse operator HKEX lost 0.2 percent to 120.80 HK dollars. Local developers Hang Lung Properties climbed 1.0 percent at 21. 20 HK dollars. Henderson Land, another major developer in Hong Kong, went down 1.3 percent to 42.65 HK dollars, and Cheung Kong Holding, a powerful HK-based developer controlled by billionaire Li Ka-shing, was down 0.8 percent to 118.20 HK dollars. As for mainland-based financial stocks, China Construction Bank, the country's second largest bank which accounts for the third largest weighting of the Hang Seng Index, grew 0.2 percent to 5.26 HK dollars. ICBC, the world's largest bank by market value, slid 0. 9 percent at 4.59 HK dollars. Bank of China increased 0.3 percent to 3.25 HK dollars. Bank of Communications, China's fifth biggest lender measured by assets, went up 0.4 percent to 4.96 HK dollars. PetroChina, the country's largest oil and gas producer, added 1. 3 percent to 8.00 HK dollars. (1 U.S. dollar equals 7.761 HK dollars)