Hong Kong stocks surge 5.6% on China's more stimulus hope

Hong Kong stocks closed 5.6 percent sharply higher on Wednesday with huge rallies in H-shares on hope that China will come up with greater stimulus packages amid the latest downbeat producer price index in November.

    The benchmark Hang Seng Index rose 192.78 points, or 1.31 percent, to open at the day's lowest 14,946 and widened its gains afterwards, boosted by huge rallies of H-shares or companies registered in the Chinese mainland.

    China's producer price index grew only by 2 percent year on year in November, a worse-than-expected reading many investors say was good reason for authorities to come up with greater economic stimulus package in the days to come.

    Buying orders enforced in the afternoon session, propelling up the index by 824.52 points, or 5.59 percent, to close at 15,577.74, a tick off the day's peak 15,578.96.

    Turnover rose to 61.85 billion HK dollars (8 billion U.S. dollars) from Tuesday's 56.93 billion HK dollars (7.35 billion U.S. dollars).

    Among 42 components of the benchmark Hang Seng Index, advancing companies greatly outnumbered declining shares 40 to 2.

    H-shares, which reflect the performance of 42 companies registered in the Chinese mainland, rebounded sharply by 505.75 points, or 6.32 percent, to close at 8,507.49.

    Metals and mining sectors in China were all stronger. China Shenhua, the country's largest coal producer, rose 4.83 percent to18.66 HK dollars. Yanzhou Coal surged 13.86 percent to 5.75 HK dollars. China Coal soared 14.58 percent to 6.76 HK dollars. Zhaojin Mining rose 8.33 percent to 4.55 HK dollars.

    Maanshan Iron went up 5.98 percent to 2.66 HK dollars. Angang Steel rose 9.43 percent to 8.7 HK dollars. Jiangxi Copper jumped 14.55 percent to 6.3 HK dollars. Aluminum producer CHALCO rose 8. 29 percent to 4.57 HK dollars. Cement producer rose 8.35 percent to 37 HK dollars.

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