Hong Kong's Hang Seng index tops 30,000 level for first time in a decade

Hong Kong's benchmark equity index rose above the 30,000 level for the first time in a decade, led by Chinese financial and energy shares.

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A photographer takes a picture of an intraday chart of the benchmark Hang Seng Index at a brokerage in Hong Kong. REUTERS

Hong Kong's benchmark equity index rose above the 30,000 level for the first time in a decade, led by Chinese financial and energy shares.

At 0355 GMT, the benchmark Hang Seng Index jumped 0.9 percent or 261 points to 30,078. In mainland China the Shanghai Composite index was 0.6 per cent higher while the Shenzhen Composite was flat.

China Shenhua Energy, the nation's biggest coal producer, climbed 3.7 percent; Sunac China Holdings gained 3 percent and Kunlun Energy, a gas and oil explorer, added 2.5 percent.

Hong Kong Exchanges & Clearing, the bourse operator, climbed 1.5 percent, extending a 5.5 percent advance on Tuesday. HSBC was up 1.79 percent while China Life gained just under 1 percent.

Gains in Hong Kong have helped fuel the wider regional rally in Asia, with the MSCI Asia Pacific Index headed for another record close Wednesday.

MSCI's broadest index of Asia-Pacific shares outside Japan added 0.6 percent to Wednesday's 1.3 percent rise - the biggest gain in eight months, supported by energy and technology sectors.

The gains offer some relief after global equities fell from record highs for five straight days to last Thursday as investors became wary of stretched valuations and scant progress on U.S. tax cuts that would boost the world's largest economy.

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