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Europe's struggles with its debt crisis continue to pre-occupy Chinese stocks investors, while expected credit loosening in China offers a ray of hope. However, one analyst cautions that there is uncertainty surrounding Chinese economic growth.

Hong Kong stocks posted a slight rise in weak turnover after U.S. market erased early losses. Chinese oil producers gained on the back of rising oil prices.

Chinese stocks fell after European leaders failed to make progress on the debt crisis in Greece and the Fed did not give any indication it would launch a new round of loose credit.