Asian ADRs Hit Two-Week High Buoyed By Banks

By Staff,

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Depository receipts of Asian stocks hit a two-week high during the morning session on Thursday, lifted by growth in the region's financial institutions.

The Bank of New York Mellon Asia ADR Index was 0.26% higher at 153.33 less than an hour after main U.S. markets opened.

In South Asia, Indian bank, ICICI ( IBN ) led the gainers, lifting 2.42% while HDFC Bank ( HDB ) saw a 1.54% gain.

In North Asia, web services company Baidu ( BIDU ) was up 1.13%, Taiwan Semiconductor Manufacturing ( TSM ) was up 1.03% and telecommunication company China Mobile ( CHL ) was up 2.46%.

In North Asia, decliners were led by E-Commerce China Dangdang (DANG), which was down 11.32% and online discount retailer Vipshop (VIPS) also saw a contraction, falling 8.16%.

In South Asia, information and communications technology company SIFY (SIFY) was down 0.97% and business processes outsourcing company WNS (WNS) was down 0.87%.

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: IBN , HDB , BIDU , TSM , CHL

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