Hong Kong, Mainland Markets Regain Momentum

Hong Kong and Shanghai shares rose on Wednesday, in line with an Asian bounce following a positive US lead while investors also welcomed the mainland's central bank's decision to lower the amount of cash lenders must keep in reserve.

The Hang Seng Index added 0.7 percent, to 30,284 after four straight losses.

On the mainland, the markets reversed course in the afternoon trade to shake off losses. Shanghai Composite Index added 0.8 percent, to 3,091 and the Shenzhen Composite Index gained 1.1 percent, to 1,803.

Most Asian markets also climbed as fresh news on US-North Korea talks provided additional support.

Tokyo stocks closed solidly higher helped by a weaker yen, as investors digested news from the US-Japan summit talks.

The benchmark Nikkei 225 index rose 1.4 percent, to close at 22,158.

Seoul surged more than 1 percent as it emerged the US and North Korea had held "talks at the highest levels" as part of efforts to line up a summit between Donald Trump and Kim Jong-un in the coming weeks.

Sydney advanced 0.3 percent and Singapore gained 1.7 percent, while Wellington, Taipei, Manila and Jakarta all climbed.

Oil prices climbed in Asian trade Wednesday, bolstered by a report showing a decline in US inventories and persistent risks of supply disruptions in the Middle East. (AFP)