April 21, 2016 / 4:36 AM / 2 years ago

China, Hong Kong stocks rise; energy shares up on oil price jump

* CSI300 +0.2 pct; SSEC +0.4 pct; HSI +1.8 pct

* China unveils measures to support exports

* Oil prices jump 4 percent overnight, boosting energy shares

SHANGHAI, April 21 (Reuters) - China stocks edged up on Thursday morning, recouping some of the previous day’s losses after Beijing unveiled more measures to support the economy and as oil and commodity shares surged.

Hong Kong stocks rose sharply, tracking global markets, with sentiment boosted by a jump in oil prices.

The blue-chip CSI300 index rose 0.2 percent, to 3,187.89 points by the lunch break. The Shanghai Composite Index gained 0.4 percent, to 2,985.12 points.

In Hong Kong, the Hang Seng index added 1.8 percent, while the Hong Kong China Enterprises Index gained 1.5 percent.

After posting its worst performance in eight weeks on Wednesday amid worries about the economy, the Shanghai market on Thursday drew support from the new government measures to aid the economy.

China’s cabinet said late on Wednesday the government would take steps to boost exports, including encouraging banks to boost lending, expanding export credit insurance and raising tax rebates for some firms.

Weakness in banking and real estate shares was offset by sharp gains in resource shares.

An index tracking raw materials surged 2.7 percent, as steel prices in Shanghai extended rises this year amid signs of life in China’s struggling steel mills.

The energy sector jumped 2.3 percent in China and 4.2 percent in Hong Kong.

Oil prices rallied more than 4 percent overnight thanks to a smaller-than-expected increase in U.S. crude inventories and abiding hopes that producers may eventually agree ways to ease a global glut.

Reporting by Samuel Shen and Pete Sweeney; Editing by Jacqueline Wong

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