Hong Kong stocks pared early gains and managed to rebound slightly on Wednesday after losing six consecutive sessions.

The benchmark Hang Seng Index rebounded 138.98 points, or 1.02 percent, to open at 13,807.03 and once rose 350.98 points, or 2.57 percent, to the day's highest 14,019.03.

Investors remained very cautious to cash out on the rebound ahead of blue-chip companies' earnings reports in the United States, trimming the gains to only 36.56 points, or 0.27 percent. The stocks closed at 13,704.61, just off the day's lowest 13,674.96.

Among 42 components of the Hang Seng Index, advancing companies led declining issues 29 to 13.

Turnover rose to HK$66.23 billion ($8.54 billion) from Tuesday's HK$47.28 billion.

Market heavyweight HSBC, which accounts for the largest weighting of the index, lost 4.11 percent to HK$70, offsetting much of the HSI's gains.

China Mobile, the bourse's largest stock by capitalization, added 0.83 percent to 72.8 HK dollars.

HKEx, the stock market's sole operator, edged up 0.2 percent to HK$73.5.

Most of China's banks and insurers rebounded. ICBC was the only bank that fell on pressure of strategic investors' reduction of their holdings in China's largest lender. ICBC shed 1.17 percent to HK$3.37.

Bank of China, the country's second largest bank, recovered 2.7 percent to HK$1.9 after Royal Bank of Scotland Group PLC sold its entire holding in BOC. RBS dumped 10.8 shares of BOC to raise $2.37 billion, making a profit of $794.3 million.

China Construction Bank rebounded 2.98 percent to $3.8 after strategic investors' recent sell-offs Bank of Communications advanced 3.14 percent to HK$5.25. China Merchants Bank edged up 0.32 percent to HK$12.52.

China Life, the country's largest insurance company, gained 2.5 percent to HK$22.55. Ping An, China's second largest insurer after China, went up 4.25 percent to HK$35.55.

China Enterprises Index, a gauge that reflects the performance of 43 companies registered in the Chinese mainland, rebounded 138.51 points, or 1.96 percent, to close at 7,219.04.

China's energy companies all bounced moderately as oil prices rose near $39 a barrel in Asia.

PetroChina, the largest oil producer in China, rose 2.03 percent to HK$6.55. Sinopec, Asia's largest refiner, added 0.92 percent to HK$4.39. CNOOC, China's largest offshore oil company, moved up 3.05 percent to HK$7.1.