Hong Kong shares end firmer on hopes of fresh stimulus to boost economy

Hong Kong shares closed up on Wednesday, erasing earlier losses, as optimism around further fiscal stimulus from Beijing to shore up the economy outweighed worries about further turmoil in the energy sector.

** At the close of trade, the Hang Seng index was up 99.81 points, or 0.42%, at 23,893.36. The Hang Seng China Enterprises index rose 0.57% to 9,670.2. ** The sub-index of the Hang Seng tracking energy shares dipped 0.7%, while the IT sector rose 1.7%, the financial sector ended 0.15% lower and the property sector dipped 0.2%. ** The collapse in China's economic activity caused by the coronavirus has heightened calls from top policy advisers for the government to hasten the rollout of fiscal stimulus, as ballooning unemployment threatens social stability. ** Hong Kong leader Carrie Lam said on Wednesday the replacement of several ministers was aimed at reviving the coronavirus-hit economy and was unrelated to recent remarks by institutions in mainland China reaffirming Beijing's authority over the city.

** The top gainer on the Hang Seng was China Mobile Ltd, which gained 2.67%, while the biggest loser was China Shenhua Energy Co Ltd, which fell 1.3%. ** China's main Shanghai Composite index closed up 0.6% at 2,843.98 points, while the blue-chip CSI300 index ended up 0.82%. ** Around the region, MSCI's Asia ex-Japan stock index was firmer by 0.65%, while Japan's Nikkei index closed down 0.74%. ** Oil prices plunged again after a shocking fall earlier this week, leaving Asian shares on defensive. ** The yuan was quoted at 7.0816 per U.S. dollar at 0813 GMT, 0.15% firmer than the previous close of 7.0925.