* SSEC 0.5 pct, CSI300 0.6 pct, HSI 0.7 pct
* Energy sector boosted after oil price jumped over 10
* China PMI expands at fastest pace in more than two years
SHANGHAI, Dec 1 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, while markets
in China rebounded after a survey showed factory activity picked
up speed last month.
The benchmark Hang Seng index added 0.7 percent by
lunch break, to 22,946.07 points, while the Hong Kong China
Enterprises Index gained 1.1 percent, to 9,947.48.
China's blue-chip CSI300 index erased Wednesday's loss and
added 0.6 percent, to 3,559.87 points at the end of the morning
session, while the Shanghai Composite Index gained 0.5 percent,
to 3,267.08 points.
Zhang Qi, analyst at Haitong Securities in Shanghai, said
markets cheered an oil price surge and expects China's
under-valued blue-chips to be in favour in the long run.
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
Oil price climbed over 10 percent after the OPEC
Energy shares in both Hong Kong and China's stock
markets jumped, rising over 4 percent and 1.6
percent respectively. Shares of index heavyweight CNOOC Ltd
soared over 6 percent by midday.
In China, 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 sector in China and Hong Kong gained. Transport shares
in China, which opened 0.5 percent lower on
worries higher oil prices would add to costs, turned up to end
the morning session 1 percent higher after the strong
Shares in China's leading appliances maker Gree Electric
Appliances shot up over 8 percent in the morning,
after Foresea Life Insurance, a unit of Chinese financial
conglomerate Baoneng, raised its stake in the company by more
than 3 percent.
(Reporting by Jackie Cai and John Ruwitch; Editing by Shri