Airlines also increased as well. Air China jumped 2.8%.

Property stocks rallied on reports that property prices fell markedly in the second quarter. Sun Hung Kai Properties surged 5.9%, Hang Lung Properties gained 3% and Cheung Kong Holdings soared 3.6%.

Blue-chip companies also gained due to a generally strong market sentiment. China Mobile rose 2.2% and China Life advanced 5.4%.

Hong Kong Exchanges & Clearing also increased 4.6%, while Anhui Conch shed 6% after Goldman Sachs downgraded the stock to “sell” from “neutral” on expectations that rising energy prices will negatively impact earnings.

Asian Markets Review

Hang Seng index in Hong Kong increased 658.71 or 3.01% closed to 22,532.90. ASX 200 index in Australia increased 171.40 or 3.54% to close 5,011.80. The KL Composite index in Malaysia decreased 1.56 or 0.14% closed to 1,103.48. Financial markets in Japan were closed today.

The Kospi Index in South Korea increased 52.93 or 3.51% to close at 1,562.92, SET index in Thailand closed higher 22.78 or 3.43% to 687.30 and JSE Index in Indonesia increased 53.93 or 2.52% to 2,195.07. The Sensex index in India increased 214.64 or 1.57% to 13,850.04.