Asian ADRs Gain as Toyota Rises on Mizuho's Upgrade to Buy; Ubic Jumps

By Staff,

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Asian American depositary receipts gained on Friday, bucking a selloff in U.S. markets that extended for a second day.

A report on U.S. producer pricing spurred unexpected inflation concerns, while preliminary readings of April consumer sentiment were better than forecast.

The BNY Mellon Asian ADR Index gained 0.4%, narrowing its year-to-date loss to 5.9%.

Toyota ( TM ) rose 1.9% to $105.34 per ADR after Mizuho upgraded its investment rating on the car maker's stock to buy from neutral.

Ubic ( UBIC ), a Japanese provider of data analysis, jumped 9% to $11.40 after introducing a litigation analysis system that can handle 200 terabytes of data per application. The service will be available on May 1.

Visionchina Media ( VISN ), a Chinese operator of digital TV networks on mass-transit systems, gained as much as 6% before fading after signing an agreement with China Unicom to provide Wi-Fi services on public transportation throughout the country.

Mobile app provider Sungy Mobile ( GOMO ) gained 5.3%, while online sports lottery operator ( WBAI ) advanced 5.2%. Medical R&D outsourcer Wuxi Pharmatech (WX) rose 3.5%.

Multi-platform marketing company Acorn International (ATV) led Asian ADR decliners with a 16% plunge. It was followed by NQ Mobile (NQ), down 13% to $13.95, and China Mobile Games & Entertainment (CMGE), down 7.44% to $17.17.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing Commodities
Referenced Stocks: TM , UBIC , VISN , GOMO , WBAI

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