Business

Editor: bruce
2 Sep 2008 09:03:41 GMT

HONG KONG, Sept 2 - Hong Kong shares closed Tuesday’s skittish trade 0.4 percent higher, lifted by a late rally in local blue chips and sharp gains in airline stocks amid retreating crude oil prices.

Shares in CNOOC <0883.HK> fell more than 5 percent as U.S. crude prices continued their steep slide on speculation that a weaker-than-expected Hurricane Gustav would not disrupt supply.

The benchmark Hang Seng Index <.HSI> unofficially closed up 72.72 points at 20,979.03 after falling to 20,595.59 earlier today.

The China Enterprises Index <.HSCE> of top locally listed mainland Chinese firms fell 0.3 percent, tracking the 0.9 percent drop on the Shanghai bourse.