HK shares reverse course to rise more than 1 pct

HONG KONG, Aug 20 (Reuters) - Hong Kong shares reversed their opening losses to gain more than one percent on Wednesday as bargain hunters returned on hope of a rescue package to support fragile mainland stock markets.

"Bargain hunters have returned to the market on talks that a rescue package is on the way. And its a good time to bargain hunt as many stocks have already fallen to an attractive level," said Francis Lun, general manager from Fulbright Securities.

"We are all waiting for a miracle," Lun added.

China's leaders are carefully considering an economic stimulus package of at least 200 billion yuan ($29.13 billion) to 400 billion yuan and may ease monetary policy by end of the year, investment bank JPMorgan Chase had said on Tuesday.

The blue-chip Hang Seng Index .HSI rose more than one percent, or 208.08 points, to 20,692.96 as of 0242 GMT, after opening 0.47 percent lower.

The China Enterprises Index .HSCE of top locally-listed mainland firms climbed 2.1 percent after it opened 0.22 percent lower.

China's Shanghai benchmark index .SSEC surged 3.8 percent. (Reporting by Donny Kwok; editing by Jonathan Hopfner)