China H Shares Have Best Weekly Rally in a Month on Energy Gain
- Energy producers advance as OPEC move boosts oil above $50
- Profit taking likely ahead of U.S. jobs report, holiday: Yip
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Chinese stocks in Hong Kong posted its best weekly rally in a month as higher oil prices turbocharged energy producers.
The Hang Seng China Enterprises Index has rallied 3.6 percent this week and was down 0.2 percent on the day. China Oilfield Services Ltd. surged 15 percent while PetroChina Co. and Cnooc Ltd. completing their biggest weekly gains since April as crude traded above $50 a barrel. Cheung Kong Infrastructure Holdings Ltd., which gets almost a third of its revenue from the U.K., slid to a three-month low after a plunge in the pound. Hong Kong will be shut for a holiday on Monday, when Chinese markets reopen after a week-long break.