HONG Kong stocks rose, lifting the Hang Seng Index to a one-week high and PetroChina Co led an advance among oil producers after crude climbed to a record.

"Energy is by far the largest weighting in our portfolio," Mark Mobius, who oversees US$47 billion in emerging- market equities at Templeton Asset Management Ltd, said in a Bloomberg Television interview yesterday in Hong Kong. "We don't see any reason to change that any time soon."

China Overseas Land & Investment Ltd climbed, pacing gains among real-estate developers, after Moody's Investors Service reiterated its "stable" outlook on the company's debt.

The Hang Seng Index added 380.61, or 1.6 percent, to 24,258.96 at the close in Hong Kong, its highest since April 11. The Hang Seng China Enterprises Index, a measure of so-called H shares of mainland Chinese companies, rose 2.3 percent to 12,887.76.

PetroChina, the nation's largest oil producer, increased 33 cents, or 3.4 percent, to HK$10.10 (US$1.29), its biggest gain since April 7. CNOOC Ltd, China's biggest offshore oil producer, added 40 cents, or 3.1 percent, to HK$13.38, its highest close since February 29.

Crude oil futures advanced 1 percent to US$114.93 a barrel in New York on Wednesday, a record close.