By V. Phani Kumar
HONG KONG (MarketWatch) -- Hong Kong shares climbed early Wednesday after another day of strong gains on Wall Street, with Cnooc Ltd. soaring after unveiling a higher-than-expected production target for 2010. The Hang Seng Index gained 0.5% to 20,375.34, and the Hang Seng China Enterprises Index advanced 0.7% to 11,649.10. Cnooc (HK:883 12.26, +1.00, +8.88%) (CEO 151.76, +1.02, +0.68%) jumped 6.4% after the energy producer said it expects this year's production to rise 22% to 27%. Chinese banks also advanced, with Bank of China Ltd. (BACH.Y 12.30, -0.10, -0.81%) (HK:3988 3.82, +0.07, +1.87%) rising 1.1%, despite reports it may be tightening lending to the property sector. China Merchants Bank Co. Ltd. (HK:3968 19.24, +0.52, +2.78%) rose 0.5% and China Citic Bank Corp. (HK:998 5.49, +0.09, +1.67%) was flat, underperforming after Fitch lowered their ratings Tuesday.
