By Hanny Wan and Tom Kohn Dec. 5 (Bloomberg) -- Hong Kong stocks rose after China and the U.S. agreed to provide $20 billion to boost trade and lower commodity prices stoked expectations corporate costs will fall. China Life Insurance Co., the nation's biggest insurer, jumped 5.9 percent. China Mobile Ltd., the world's largest phone company by value, added 3.1 percent. Hong Kong Exchanges & Clearing Ltd. rose 2.6 percent after saying it is working with its counterpart in Shanghai to unify rules. ``China has trillions of dollars to stimulate their economy,'' Greg Lesko, who helps oversee $750 million as managing director of Deltec Asset Management Corp. said in a Bloomberg Television interview in New York. ``We're adding to our China exposure.'' The Hang Seng Index rose 336.31, or 2.5 percent, to close at 13,846.09, paring its drop this week to 0.3 percent. The Hang Seng China Enterprises Index, which tracks so-called H shares of Chinese companies, was up 2.8 percent at 7,428.54. The Hang Seng Index is down 50 percent this year as the global economy slipped into recession. Premier Wen Jiabao last month announced a 4 trillion yuan ($582 billion) stimulus package to sustain the country's economic expansion. China and the U.S. today agreed to provide an additional $20 billion to their import-export banks after two days of talks. China Vice Premier Wang Qishan said he was pushing for further U.S. dialogue. Henry Paulson, U.S. treasury secretary, said yesterday that the talks had helped ease global turmoil. Oil Declines China Life advanced 5.9 percent to HK$21.60, making it the second-largest percentage gainer on the Hang Seng Index. Ping An Insurance (Group) Co., China's second-biggest insurer, jumped 5.7 percent to HK$33.30. China Mobile added 3.1 percent to HK$75.50. The company's Hong Kong subsidiary China Mobile Peoples Telephone Co. will be renamed China Mobile Hong Kong Co. while keeping its Peoples brand, according to a statement yesterday. Hong Kong Exchanges rose 2.6 percent to HK$61.50. The South China Morning Post cited Chief Executive Officer Paul Chow as saying the bourse is working with its counterpart in Shanghai to unify rules. Hongkong Electric Holdings Ltd., a utility controlled by billionaire Li Ka-shing, added 2 percent to HK$43.20 and PetroChina Co., the nation's largest oil and gas producer, advanced 0.8 percent to HK$6.25, after rising as much as 2.3 percent, on expectations cheaper crude oil will reduce their costs. Cnooc Ltd., China's biggest offshore oil producer, dropped 1 percent, to HK$5.82. Crude oil futures fell 6.7 percent to $43.67 a barrel in New York yesterday, the lowest settlement price since Jan. 5, 2005. All but seven stocks on the 42-member Hang Seng Index gained. December futures climbed 2.6 percent to 13,870. To contact the reporter on this story: Hanny Wan in Hong Kong at hwan3@bloomberg.net

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