HK, regional markets up as action looms on inflation

Asian stocks rose and the US dollar held its ground on Friday as investors contended with global policymakers ramping up efforts to rein in inflation, with a dip in oil prices improving sentiment ahead of an expected rate hike from the Bank of Japan In Hong Kong, the benchmark Hang Seng Index opened up 119 points, or 0.5 percent, at 24,723. The China enterprises index was up 27 points, or 0.3 percent, at 8,202 while the tech index was up 17 points, or 0.41 percent, at 4,328. Up north, the benchmark Shanghai Composite Index opened up 16 points, or 0.42 percent, at 3,891. The Shenzhen Component Index was 154 points, or 1.15 percent, higher at 13,563 while the ChiNext Index was 53 points, or 1.61 percent, up at 3,351. The gains came with monetary policy response being in focus this week as the over six-month-long war in the Middle East shows few signs of ending, keeping oil prices above US$100 per barrel and fanning inflation fears across the globe. Hopes of alternate ways for oil supply from the Middle East to reach markets pushed Brent crude futures down one percent to US$103.77 a barrel even as concerns about strikes between Saudi Arabia and Yemen's Houthis lingered. Traders also…