Hong Kong shares fell more than 1 percent on Wednesday, tracking global markets lower, with shares of energy companies again weighing on the benchmark index as oil prices skid.

The Hang Seng index fell 1.2 percent to 19,192.45 points, while the China Enterprises Index lost 1.3 percent to 8,061.71.

Most sectors declined, as a nearly two-week-long rebound in global markets showed increasing signs of fatigue.

Energy shares tumbled 2.5 percent as oil prices fell after Saudi Arabia effectively ruled out production cuts by major producers anytime soon.