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Hong Kong stocks continued to rebound, enjoying bigger gains on the last full trading day before Lunar New Year. Mainland markets also moved higher.
The benchmark Hang Seng Index gained 2.27 per cent, or 676.07 points, to 30,515.6 on Wednesday. The Hang Seng China Enterprises Index, known as the H-shares index, added 2.14 per cent to 12,260.99.
Turnover reached HK$110.6 billion (US$14.14 billion) at the close, weaker than usual ahead of the Chinese New Year. On Tuesday, the trading volume was HK$129 billion.
The Hong Kong stock market will be closed from Thursday afternoon until Monday for the holiday. Shanghai and Shenzhen markets will shut from Thursday to Wednesday.
Banks led the rally on Wednesday, with Bank of China Hong Kong rising 4.28 per cent to HK$39, HSBC gaining 2.63 per cent to HK$81.9, and Bank of East Asia adding 2.21 per cent to HK$32.35.
Hang Seng Bank surged 7.77 per cent to HK$191.5, after Goldman Sachs upgraded the stock to “buy” with a price target increased to HK$220.