Hong Kong, China stocks rise ahead of Fed meeting, oil majors surge

miércoles 16 de diciembre de 2015 00:38 GYT
 

* CSI300 +0.4 pct; SSEC +0.7 pct; HSI +2.2 pct

* Oil stocks jump after China postpone price cuts

* Goldman sets end-2016 target of 4,000 for CSI300

SHANGHAI, Dec 16 (Reuters) - Hong Kong stocks rebounded over 2 percent on Wednesday, with the benchmark set to break its nine-session losing streak as oil majors surged and the imminent U.S. interest rate decision set to remove a major uncertainty currently haunting markets.

China shares also advanced, as investors were encouraged by news that China plans to issue significantly more government bonds next year to aid the economy.

By midday, Hong Kong's Hang Seng index jumped 2.2 percent, to 21,749.09 points, while the Hong Kong China Enterprises Index advanced 2.8 percent, to 9,601.29.

The Hang Seng index had declined for nine sessions in a row and traded at merely eight-times earnings, compared with a multiple of 19 for the S&P 500 index, triggering bargain hunting amid improving sentiment in global equity markets.

In China, the blue-chip CSI300 index rose 0.4 percent, to 3,710.25 points while the Shanghai Composite Index gained 0.7 percent, to 3,535.21 points.

Both Hong Kong and China markets got a boost from a sharp rally in oil stocks on Wednesday after the Chinese government said it would "postpone" expected cuts in retail petrol and diesel prices.   Continuación...