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.
Sunday, June 26, 2011
Monday, June 20, 2011
Hong Kong Stocks Drop on Greek Debt Concern; Developers Retreat
Hong Kong stocks fell, sending the benchmark index to its lowest close in nine months, as local developers declined and after European governments failed to agree on a loan payout to avert Greece from default.
Sun Hung Kai Properties Ltd. (16), the world’s biggest developer by market value, slid 2 percent after its former chairman said property prices may fall, and after Financial Secretary John Tsang said the city may try further policies to cool the housing market. Cheung Kong (Holdings) Ltd., Hong Kong’s No. 2 developer by market value, declined 3.8 percent. Esprit Holdings Ltd. (330), which gets most of its revenue from Europe, slid 3.5 percent.
The Hang Seng Index fell 0.4 percent to 21,599.51, its lowest close since Sept. 10. The gauge last week entered a so- called correction from its April high, tumbling more than 10 percent, on mounting concern Greece will default on its debt and slow global economic growth.
“The momentum remains weak...
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