Hong Kong and Shanghai stocks extended their gains Wednesday morning after U.S. stocks rallied overnight on the back of jumping oil prices. The Hang Seng Index rose 0.6%, while the Shanghai Composite Index edged up 0.2%. In Hong Kong, energy names broadly advanced despite oil futures moving off their highs during early Asia trading. Cnooc Ltd. surged 5.1%, PetroChina Co. climbed 2.3%, and both Kunlun Energy Co. and China Petroleum & Chemical Corp. (Sinopec) moved up 1.8%. China Oilfield Services Ltd. also tacked on 2.9%. However, the growing fueling costs pushed airlines lower, with Air China Ltd. declining 2.8%, China Eastern Airlines Corp. falling 1.9%, China Southern Airlines Co. dropping 1.1%, and Hong Kong-based Cathay Pacific Airways Ltd. down 0.9%. Among the banks, top-weighted Hang Seng Index component HSBC Holdings PLC added 1.1%, and London-based Standard Chartered PLC spiked 4%. Hong Kong-based Hang Seng Bank Ltd. leapt 4.3%, after reports said it is considering selling its 10.9% stake in mainland Chinese lenderIndustrial Bank Co. Casino operator Wynn Macau Ltd. retreated 3%, as its fourth-quarter net profit shrank almost a third from a year ago. Rival MGM China Holdings Ltd. tumbled 3.3%, SJM Holdings Ltd. fell 1.6%, and Sands China Ltd. headed 1.5% lower.
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