Credit-fueled recovery of smokestack industries steadies mainland economy

Chinese mainland 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 on Wednesday. The Shanghai Composite Index gained 0.7 percent after data showed China's official factory gauge climbed to the highest since July 2014.