HK shares to open 1.7 pct higher on U.S. gains, lower oil

HONG KONG, July 30 (Reuters) - Hong Kong shares will 1.7 open percent higher, reclaiming some of the lost ground from its four-session slump after Wall Street investors read Merrill Lynch's MER.N latest writedown as signalling the bottom of the credit market troubles.

Declining crude oil prices brightened the earning outlook for airlines and refiners, sending stocks higher on Wednesday.

The Hang Seng Index .HSI is set to open up 379.33 points at 22,637.33.

The China Enterprises Index .HSCE of top locally listed Chinese firms will open 2.6 percent higher.

(Reporting by Parvathy Ullatil; Editing by Ken Wills)