Hong Kong Stocks Rise for Third Day as Oil Boosts Energy Shares
- Turnover remains below 30-day average for Hong Kong, China
- Southbound stock link closed from today until Oct. 11
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Hong Kong stocks rose for a third day as energy companies surged after OPEC agreed to a preliminary deal that will cut output for the first time in eight years. Developers retreated.
The Hang Seng Index climbed 0.5 percent at the close. Cnooc Ltd. and China Petroleum & Chemical Corp. advanced at least 4 percent, while China Oilfield Services Ltd. jumped the most since October, after U.S. crude held near $47 a barrel. A gauge of real estate companies dropped 0.4 percent, led by China Resources Land Co. Hsin Chong Group Holdings Ltd. plunged by a record as shares resumed trading after Anonymous Analytics rated it a "strong sell." The Shanghai Composite Index advanced 0.4 percent.