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The financial sector got a boost on Monday as relief regarding the minimal damage from Irene helped insurers make 10-plus percent gains for the day. Bank of America was shot up on the new that they would shed half their holdings in Chinese Bank CCB in order to improve their balance sheet.

Hong Kong opened lower after Tuesday's sharp rise and retreated further in the early afternoon in line with a drop in Asian and Mainland Chinese markets but gained back some losses before closing.

Fear trumps all in the current market for China stocks. The gateway market of Hong Kong fell sharply again Monday in active, volatile trading despite the presence of conditions for a rebound.

Financial stocks led the market higher today as insurers benefited from the east coast's avoidance of a potential major natural disaster. Consumer spending boost also helped the rally.

Hong Kong ended slightly higher in thin, volatile trading as the downgrade of Italian debt was another blow for investor confidence.

Hong Kong gained as increased optimism that Europe will solve its debt crisis boosted Asian markets. However, turnover fell, reflecting a lack of momentum.