GLOBAL MARKETS-Oil shares pull Asian stocks higher; yen slips

Thu Sep 29, 2016 1:07am EDT
 
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* MSCI Asia-Pacific index up 0.8 pct, Nikkei advances 1.4 pct

* Hong Kong stocks cede early gains; mainland investors quiet

* Oil rallies as OPEC agrees to first output cut in 8 years

* Commodity currencies gain; Japanese yen falls

By Saikat Chatterjee

HONG KONG, Sept 29 (Reuters) - Oil shares pulled regional stock markets higher on Thursday after OPEC members agreed to curb output in a surprise deal, though investors were wary of chasing markets higher as the U.S. presidential election neared.

MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.9 percent by mid-morning, thanks to a bounce in energy shares, but other markets such as Hong Kong were trading near the day's lows after an early jump.

Stocks in Europe were expected to open higher following Asia.

"Despite the favourable oil deal, foreign institutional investors are sticking to their favourite counters before the U.S. elections results as there is simply too much market uncertainty," said Andrew Sullivan, managing director, sales trading at Halting International Securities Group in Hong Kong.   Continued...