Asian ADRs Lift as China Pledges to Continue "Targeted Policy" Stance


Video technology supplier Vimicro International ( VIMC ) shares increased 12% on Wednesday morning as American depositary receipts of Asian companies traded 0.04% higher at 154.22, according to the Bank of New York Mellon Asia ADR Index.

The rise in Asian companies coincided with news of a regular cabinet meeting held in China, during which Chinese policymakers decided to maintain their "targeted policy" stance, in a bid to keep up the economic momentum in the country.

The latest announcement comes on the back of a series of policy measures designed to keep China's economic growth rate rising. Second quarter economic growth in China was up 7.5%.

Vimicro International ( VIMC ) was up 12%, followed by Youku ( YOKU ), an internet television company, which gained 4.52%. China Finance Online ( JRJC ), an online financial information company, was up 3% and Zhaopin Ltd ( ZPIN ), an online jobseeking website, was up 2.79%.

Electronic commerce company ( JD ) lifted 2.44% and Indian automotive manufacturing company Tata Motors (TTM) expanded by 1.59%.

Asian decliners were led by Autohome (ATHM), an online destination for automobile consumers, which contracted by 7.95%. Photovoltaic module manufacturer Yingli Green Energy (YGE) was down 5.90% and online automotive information provider Bitauto (BITA) was down 4.11%.

E-House (China) (EJ), a real estate services company, slid 3.5% and PC and mobile security specialist Qihoo 360 Technology (QIHU) dropped 2.81%.

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: VIMC , YOKU , JRJC , ZPIN , JD

MT Newswires

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