04:39 GMT +321 August 2019
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    Chinese Stocks Rise in Wake of OPEC Oil Output Freeze Decision

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    Early Thursday trading on the Chinese stock exchanges was marked by growth following the oil output freeze agreement of the Organization of the Petroleum Exporting Countries (OPEC).

    BEIJING (Sputnik) – As of 01:20 GMT on Thursday, the Shanghai Composite Index advanced by 0.24 percent to 2994.95 points, the Shenzhen Composite rose by 0.17 percent to 1981.70 points, stock exchange data showed.

    Hong Kong's Hang Seng Index rose 0.69 percent on Thursday morning.

    On Wednesday, the OPEC states reached an agreement to freeze daily oil output for the whole organization. The commitment date of oil output freeze will be presented at the cartel's upcoming meeting in November.

    OPEC also decided to establish a technical committee to study a mechanism of sharing oil production between individual countries.

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