HONG Kong shares have closed up 0.71 per cent after the Dow on Wall Street hit a five-and-a-half year high and following strong German investor sentiment data.
The benchmark Hang Seng Index added 163.50 points to 23,307.41 on Wednesday on turnover of HK$65.59 billion ($A8.21 billion).
The rise partly offset the index's 1.3 per cent fall on Monday and Tuesday but analysts said they did not expect to see further gains soon, with KGI Asia chief operating officer Ben Kwong saying "any strength ... will likely be capped in the absence of major catalysts".
On Wall Street the Dow rose 0.39 per cent to its best level since October 12, 2007 and the S&P 500 was up 0.73 per cent, hitting its highest point since October 31, 2007. The Nasdaq gained 0.68 per cent.
Reports that office supply retailers Office Depot and OfficeMax were planning a tie-up followed last week's news of a merger between American Airlines and US Airways, and the Berkshire Hathaway-3G Capital takeover of Heinz.
Hopes for an end to Europe's struggles were also boosted by the ZEW economic institute investor confidence index in Germany, which soared to 48.2 points in February from 31.5 points in January, its highest level since April 2010.
The reading beat market expectations for a much more modest increase to 35 points.
Among Hong Kong blue chips Bank of China rose 2.2 per cent to HK$3.80 and China Construction Bank added 1.7 per cent to HK$6.50.
Chinese car makers also mostly jumped. Great Wall rose 3.5 per cent to HK$32.35 and Brilliance was up 2.5 per cent to HK$11.28 but Geely eased 1.9 per cent to HK$4.56.
Chinese shares closed up 0.60 per cent. The benchmark Shanghai Composite Index rose 14.27 points to 2,397.18 on turnover of 97.2 billion yuan.
Developers posted healthy gains on bargain-buying after suffering recent losses fuelled by fears of more moves by the government to cap rising property prices.
China Merchants Property Development added 3.3 per cent to 26.37 yuan, Gemdale Corp. gained 2.7 per cent to 7.12 yuan and China Vanke was up 2.1 per cent at 11.44 yuan.
And pharmaceutical companies rose after two cases of bird flu in humans were reported this month.
China Resources Double Crane Pharmaceutical rose 10 per cent to 27.16 yuan and Shanghai Modern Pharmaceutical jumped 7.42 per cent to 14.19 yuan.
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