Hong Kong stocks close 1.07% higher

Hong Kong stocks ended 1.07 percent higher on Wednesday, with the benchmark Hang Seng index rising 221.55 points to end at 20,904.56 points, after trading between 20,633.02 and 21,044.47. Turnover totaled 52.86 billion HK dollars (6.81 billion U.S. dollars). The Hang Seng China Enterprises Index rose 163.85 points, or 1. 81 percent, to close at 9,215.08. Four of the sub-indices all gained ground, with the Properties sub-indice rising the most by 1.57 percent, followed by the Finance 1.08 percent, the Commerce and Industry 0.96 percent and the Utility 0.84 percent. Banking giant HSBC, which accounts for the largest weighting of the Hang Seng Index, fell 0.2 percent to 83.75 HK dollars, while its local unit Hang Seng Bank closed 0.2 percent higher at 114.60 HK dollars. Bank of East Asia, another Hong Kong\'s major bank, closed up 1.5 percent at 27.90 HK dollars. Local bourse operator HKEX gained 0.4 percent to 116.90 HK dollars. Local developer Hang Lung Properties was up 0.6 percent at 25. 75 HK dollars. Henderson Land, another major developer in Hong Kong, increased 0.8 percent to 47.70 HK dollars, and Cheung Kong Holding, a powerful HK-based developer controlled by billionaire Li Ka-shing, climbed 2.6 percent to 106.20 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, ended up 1.9 percent at 5.35 HK dollars. ICBC, the world\'s largest bank by market value, advanced 1.3 percent to 4.80 HK dollars. Bank of China grew 2.0 percent to 3.12 HK dollars. Bank of Communications, China\'s fifth biggest lender measured by assets, jumped 2.3 percent to 4.90 HK dollars. As for energy stocks, China\'s top refiner Sinopec was up 2.5 percent to 5.43 HK dollars. PetroChina, the country\'s largest oil and gas producer, ended up 1.6 percent at 9.12 HK dollars. (1 U.S. dollar equals 7.761 HK dollars)