Hong Kong shares rebound, helped by Sinopec and Macau casinos

HONG KONG Wed Feb 26, 2014 3:06am EST

HONG KONG Feb 26 (Reuters) - Hong Kong shares rebounded from their lowest in more than a week on Wednesday, thanks to gains by Chinese oil majors on state-owned enterprise reform hopes and by Macau casinos in anticipation February had record high gambling revenue.

China Petroleum and Chemical Corp (Sinopec) soared 4.1 percent after China Business News reported that its chairman Fu Chengyu said parliamentary meetings starting March 5 may yield the next stages of its reform plan.

The Hang Seng Index, which closed on Tuesday at its lowest since Feb. 14, finished up 0.5 percent at 22,437.4 points. The China Enterprises Index of the leading offshore Chinese listings in Hong Kong rose 0.7 percent.

Gains, which accelerated in the afternoon, came in turnover amounting to about $8.2 billion, in line with the 20-day moving average.

In a move aimed at capturing the growth in exchange-traded fund (ETF) markets, the Hong Kong government plans to waive stamp duties on ETF trading, financial secretary John Tsang said in his budget speech for the coming fiscal year.

Sands China rose 2.7 percent and Galaxy Entertainment 1.5 percent. Citi analysts said in a note dated Feb. 25 that February gambling revenue could hit a record high for any month.