Hong Kong stocks lost ground on Wednesday as a two-day solid rally petered out, thanks in part to slumping energy shares that dragged down the market.

The Hang Seng index fell 1.0 percent, to 18,924.57, while the China Enterprises Index lost 1.2 percent, to 7,928.76 points.

An index tracking energy stocks tanked 3.2 percent, as investors, who had bet on a cut in global oil production, gave a lukewarm response to a potential deal between Saudi Arabia and Russia to freeze oil output at January levels.

Source Reuters