Hong Kong Shares Up On CNOOC Shares

Hong Kong shares advanced 0.5 percent on Thursday as a sudden snap back in oil prices boosted shares in CNOOC and as HSBC continued its upward march following a rally it its U.S. peers.

Shares in China's largest shipping firm, China COSCO, soared 5.1 percent on Thursday on a JP Morgan valuation upgrade, and market speculation the company will be included in Hong Kong's benchmark Hang Seng Index .HSI.

Pure upstream play CNOOC rallied 3.9 percent, leading gains on the main index after crude oil bounced back 4 percent on Wednesday and held above $126 per barrel in Asian trade.