OREANDA-NEWS. February 05, 2015. Hong Kong stocks rose 0.51 percent Wednesday after rallies in Europe and New York on hopes Greece will be able to thrash out a debt deal with creditors, but Shanghai fell on profit-taking.

Hong Kong's benchmark Hang Seng Index added 124.98 points to 24,679.76 on turnover of HK\\$87.30 billion (\\$11.26 billion).

Hong Kong joined most Asian markets in following US and European counterparts, which were cheered by reassurances from Greece's new leadership that a default -- and possible exit from the single currency area -- is not on the cards.

A pick-up in world oil prices also lent support.

Prime Minister Alexis Tsipras and Finance Minister Yanis Varoufakis have been touring European countries ramping up support for their plan to restructure debt repayments.

Athens surged more than 11 percent Tuesday, while there were also big gains in London, Paris and Frankfurt, which ended at a record high. In New York the Dow climbed 1.76 percent, the S&P 500 put on 1.44 percent higher and the Nasdaq gained 1.09 percent.

Global markets were also lifted by a rally in oil prices to highs not seen since the turn of the year. That came thanks to news of a cut in the number of rigs drilling while energy giants slashed their budgets.

CNOOC jumped 4.23 percent to HK\\$11.10, PetroChina gained 1.86 percent to HK\\$8.76 and Sinopec put on 1.62 percent to HK\\$6.28.

PC giant Lenovo surged 4.95 percent to HK\\$11.46 after it announced a better-than-expected net profit in October-December thanks to healthy mobile phone sales after its purchase of Motorola.

Among other firms HSBC gained 1.26 percent to HK\\$72.40, Tencent dipped 0.89 percent to HK\\$133.90 and Cheung Kong shed 0.94 percent to HK\\$147.40.

But in mainland China the benchmark Shanghai Composite Index dropped 0.96 percent, or 30.78 points, to 3,174.13 on turnover of 290.2 billion yuan (\\$46.4 billion).

The Shenzhen Composite Index, which tracks stocks on China's second exchange, slipped 0.27 percent, or 4.18 points, to 1,529.04 on turnover of 232.8 billion yuan.

"It's a pullback following strong gains (Tuesday)," Zhang Qi, a Shanghai-based analyst at Haitong Securities, told AFP.

Shanghai surged 2.45 percent Tuesday while Shenzhen rose 2.02 percent on hopes for fresh economy-boosting measures by China's leaders.

"There are new share issues in the coming week and market liquidity might be a little tight," said Zhang.

A total of 24 companies will start offering shares next week, state media said, with subscriptions expected to tie up as much as 2.0 trillion yuan.

Adding to selling pressure was data indicating growth in China's services sector slowed in January.

Financial shares retreated in Shanghai. Bank of China tumbled 3.50 percent to 4.13 yuan, Ping An Insurance Group fell 2.27 percent to 67.50 yuan and Citic Securities eased 1.30 percent to 28.03 yuan.

Despite the pick-up in oil prices, energy giants were lower in Shanghai. PetroChina dropped 2.40 percent to 11.41 yuan, while Sinopec shed 1.50 percent to 5.92 yuan.