HSI ends up 537 pts at 20,368; turnover at HK$62bn

    HK stocks closed sharply higher on Wednesday following the rally of the US equity markets overnight on strong US new home sales in April. The benchmark index opened up 326 points at 20,156, which marked the intra-day low. It then soared to as high as 20,379, up 549 points.
  The Hang Seng Index ended up 537 points or 2.7% to 20,368. The H-share index rose 229 points or 2.8% to 8,536. Turnover increased to HK$62 billion from HK$44.7 billion on Tuesday.
  The northbound quota balance of the "Shanghai-HK Connect" program was RMB11.434 billion, accounting for 88% of the daily allowed quota of RMB13 billion. The southbound quota balance was RMB9.267 billion, accounting for 88.3% of the daily allowed quota of RMB10.5 billion.
  HSBC (00005) advanced 4% to HK$50.35. The global bank said it intends to issue US$2 billion worth of 6.875% perpetual subordinated contingent convertible securities. It contributed 75-point gains to the benchmark. StanChart (02888) also rose 4% to HK$61.5.
  CR Power (00836) dipped 3% to HK$12.06, becoming the worst blue chip today after Citi Research downgraded its rating to "neutral". BNP Paribas also lowered its recommendation to "reduce".
  Belle (01880) edged down 0.4% to HK$4.73 after hitting day high of HK$5.04. UBS Research rated the footwear products producer "sell" and deemed its earnings report be disappointed. 
  Oil prices snapped its four-day losing streak, supporting oil majors. PetroChina (00857), CNOOC (00883) and Sinopec (00386) all jumped 4% to HK$5.25, HK$9.18 and HK$5.33.
  Mainland media reported that Big Four coal mining companies plan price hike in June. China Shenhua (01088) surged 6% to HK$12.56, becoming the best performing blue chip today. China Coal (01898) and Yanzhou Coal (01171) also shot up 9% and 8% to HK$3.31 and HK$4.14.