|Published : 01 Dec 2016, 13:19:59|
Hong Kong stocks rise to three-week high after OPEC meeting
Hong Kong stocks rose to a three-week high on Thursday morning as energy sector rallied after OPEC agreed to a deal to reduce production.
The benchmark Hang Seng index added 0.7 per cent by lunch break, to 22,946.07 points.
The Hong Kong China Enterprises Index gained 1.1 per cent, to 9,947.48.
The world's largest oil exporters agreed on Wednesday to cut output for the first time in eight years to ease a global supply glut that had halved the value of a barrel of crude.
Oil price climbed over 10 per cent after the OPEC deal.
Energy shares in both Hong Kong stock markets jumped, rising over 4.0 per cent.
Investor confidence was boosted by better-than-expected manufacturing data.
The official Purchasing Managers' Index (PMI) stood at 51.7 in November, accelerating from previous month's 51.2 and above the 50-point mark that separates growth from contraction on a monthly basis.
Most sectors in Hong Kong gained, according to a news agency report.