Hong Kong stocks soared on

Wednesday, buoyed by property and financial shares, amid a broad
regional rally after a Lehman Brothers (LEH.N: Quote, Profile, Research) share offering
sparked hopes that the worst of the credit crisis may have ended.
Analysts said the strong rebound came after sub-prime gloom
and recession fears lifted, and the market bounced back from
first-quarter lows, but profit-taking pressure loomed.

"Once the fears of the sub-prime crisis subsided, investors
moved their funds from commodities back to equities," said Alex
Tang, research director at Core Pacific-Yamaichi International.

"But we are looking at resistence between the 24,000 and
24,500 levels in the local market."

The benchmark Hang Seng Index .HSI had risen 4.4 percent to
24,154.75 points by the midday break, with banks such as HSBC
(0005.HK: Quote, Profile, Research), China Construction Bank (0939.HK: Quote, Profile, Research) and ICBC (1398.HK: Quote, Profile, Research)
leading the gains.

The China Enterprises Index of Hong Kong-listed mainland
companies .HSCE, or H shares, leapt 6 percent to 12,973.09.

Mainboard turnover soared to HK$65.70 billion ($8.44
billion), compared with HK$38.39 billion on Tuesday morning, as
investors crammed into the rally.

Earlier in the week, Hong Kong stocks ended their worst
quarterly performance in six years, sliding 18 percent during the
period.

China's main stock index in Shanghai .SSEC rebounded more
than 3 percent on Wednesday on the back of strength in overseas
markets but analysts said the rise might just be a brief bounce
in a longer-term downtrend.

"We're not out of the woods yet," Tang said.

Heavyweight China Mobile (0941.HK: Quote, Profile, Research) gained nearly 5.2 percent,
lifting the index over 160 points.

Financial plays soared after strong demand for Lehman
Brother's $4 billion share offering raised hopes that the worst
was over for the financial sector.

HSBC climbed 2.25 percent to HK$131.90, ICBC leapt nearly 6.9
percent to HK$5.92, Bank of China (3988.HK: Quote, Profile, Research) jumped 5 percent to
HK$3.57 and Bank of Communications (3328.HK: Quote, Profile, Research) soared 7.9 percent
to HK$9.99.

China's second-largest life insurer, Ping An (2318.HK: Quote, Profile, Research) --
coming off lows after announcing its multibillion-dollar
fundraising plan in January -- jumped 9.35 percent to HK$60.80.

Swiss bank UBS (UBSN.VX: Quote, Profile, Research) rattled investors on Tuesday with
news of $19 billion in fresh writedowns [ID:nL01419180] but
markets took the view that banks are wiping their books clean of
investments tied to the U.S. subprime crisis.

Property stocks continued to rebound as investors looked
for bargains after recent lows.

Hang Lung (0101.HK: Quote, Profile, Research) gained nearly 8.8 percent to HK$30.35.
New World Development (0017.HK: Quote, Profile, Research) climbed 8.5 percent to HK$20.40,
and Sun Hung Kai Properties (0016.HK: Quote, Profile, Research), Asia's top developer by
market value, jumped 4.9 percent to HK$129.90.

Refiners and airlines also leapt as oil prices stayed off
highs. Sinopec Corp (0386.HK: Quote, Profile, Research) (600028.SS: Quote, Profile, Research), Asia's top refiner,
soared 8.5 percent to HK$7.40.

Hong Kong's dominant carrier Cathay Pacific (0293.HK: Quote, Profile, Research) gained
3.6 percent to HK$16.16, Air China (0753.HK: Quote, Profile, Research) climbed 2.8 percent
to HK$7.02 and China Eastern (0670.HK: Quote, Profile, Research) rose 1.3 percent to
HK$3.97.