Chinese Stocks Rise to Two-Month High on Energy Shares, PMI
- Oil firms lead gains after OPEC agrees to production cut
- Official factory-gate PMI raises optimism on economy
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Chinese companies traded in Hong Kong rose to a nearly two-month high, as oil companies rallied after OPEC reached a deal and amid optimism the mainland economy is stabilizing.
The Hang Seng China Enterprises Index rose 0.6 percent at the close. China Oilfield Services Ltd. and PetroChina Co. led the gains with jumps of at least 4.7 percent after oil surged 9.3 percent in New York. The Organization of Petroleum Exporting Countries agreed to reduce collective production to 32.5 million barrels a day, Iranian Oil Minister Bijan Namdar Zanganeh said in Vienna Wednesday. The Shanghai Composite Index gained 0.7 percent after data showed China’s official factory gauge climbed to the highest since July 2014.