Asian ADRs Gain in Tune With Asia Markets Even as Japan Economy Shrinks; Hong Kong Cuts Forecast


Asian ADRs as a group rose 0.27% to 154.04 on Friday morning, according to data published by the Bank of New York Melon Europe ADR Index.

ADRs were following Asian indices higher, even as the week included a report showing that Japan's gross domestic product contracted by 1.7% in Q2 while Hong Kong lowered its growth forecast after GDP fell 0.1% in the quarter.

Internet, technology and solar companies led gainers, with business-to-consumer firm E-Commerce China Dangdang ( DANG ) rising 2.9% and online discount retailer Vipshop Holdings ( VIPS ) up 3.4%.

Anti-virus software firm Qihoo 360 Technology ( QIHU ) added 2.7% and China Mobile ( CHL ) rose 3.1%.

Solar companies ReneSola ( SOL ), Trina Solar (TSL) both rose 1.6% while JinkoSolar (JKS) was up 1.1%

NQ Mobile (NQ) led decliners, down 3.7% at $6.17, having earlier traded as low as $5.56, as its CFO KB Teo resigned, citing "family reasons." The company said his departure is not related to company operations, policies or accounting practices.

Online direct sales company JD.Com (JD) fell 0.9% at $29.75, having earlier traded as low as $28.10. Social media platform (WB) was down 6.7% even as it trimmed its Q2 loss to meet views and guided for strong Q3 revenue.

Other decliners included Xinyuan Real Estate (XIN), which dropped 13.1% as its Q2 sales fell 16% from a year ago, and software and IT services firm Wipro (WIT) shed 0.9%.

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

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

This article appears in: Investing , Commodities

Referenced Stocks: DANG , VIPS , QIHU , CHL , SOL

MT Newswires

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