HK stocks gain as refiners help erase early losses

HONG KONG, May 21 (Reuters) - Hong Kong stocks reversed course to close higher on Wednesday, following a sharp rebound in Shanghai on speculation that Beijing will soon allow state-set prices for oil products, such as gasoline, to rise.

Sinopec (0386.HK: Quote, Profile, Research, Stock Buzz)(600028.SS: Quote, Profile, Research, Stock Buzz), Asia's top refiner, jumped as much as 5.8 percent after the stock hit its daily limit of near 10 percent in Shanghai. The stock ended up 4.3 percent in Hong Kong.

PetroChina (0857.HK: Quote, Profile, Research, Stock Buzz)(601857.SS: Quote, Profile, Research, Stock Buzz) gained 2.2 percent.

The benchmark Hang Seng Index .HSI erased a 1.36 percent opening loss to close the day up 1.16 percent at 25,460.29.

The China Enterprises Index of Hong Kong-listed companies .HSCE, or H shares, finished 1.15 percent higher. (Reporting by Alison Leung; Editing by Anne Marie Roantree)