Hong Kong-listed energy companies surge

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. At the same time, property 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 US 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.

The Organization of Petroleum Exporting Countries agreed to trim production following an informal meeting in Algiers. Concern over a global glut has weighed on crude prices for at least the past two years. The Hang Seng Index has gained 14 percent this quarter, Asia's biggest advance, as mainland inflows swelled via an exchange link with Shanghai and traders scaled back bets for higher US borrowing costs. Mainland markets will be shut next week for holidays.