NEW YORK (AP) â¿¿ Stocks of Asian companies trading in the United States rose Friday morning as China's premier expressed confidence that Beijing can control surging inflation.
Shares of several indices made up of companies in China, India, Japan and Korea were trading between 1 and 3 percent higher at midmorning.
The Hang Seng China 50 Index, for example rose 2.6 percent in morning trading. The BNY Mellon Asia 50 ADR Index, made up of Asian companies trading in the U.S., was up 1.1 percent.
Individual companies were riding the tide. Beijing-based China Life Insurance Co. gained $1.32, or 2.8 percent, at $49.32 and China Petroleum & Chemical Corp. added $1.83, or nearly 2 percent, to $96.11.Tokyo-based Hitachi rose 83 cents, or 1.5 percent to $57.76, and Seoul, South Korea's SK Telecom edged up 16 cents to $17.90. The Zoucheng, China-based Yanzhou Coal Mining Co. rose 6 cents to $38.42 Inflation in China jumped to a 34-month high of 5.5 percent in May and the country's planning agency â¿¿ the National Development and Reform Commission â¿¿ said this week the June rate was expected to be higher than that. However, Premier Wen Jiabao wrote in a commentary Friday in London's Financial Times that China without a doubt will sustain rapid development and curtail inflation. Beijing declared controlling soaring living costs its priority this year and has been embarrassed as inflation climbed steadily despite four interest rate hikes since October and curbs on bank lending and investment. The development commission said Wednesday the June's price rise will be higher than May but said inflation should decline in the second half of the year.
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