Depository receipts of Asian stocks were down slightly during
Tuesday's morning session in spite of positive economic growth
forecasts for India and Singapore.
The Bank of New York Mellon Asia ADR Index showed a 0.02%
contraction to 151.46 as solar companies offset gains seen by
The Asian ADR movements came as ratings agency Moody's forecast
an expansion in India's economy of 5% during 2014 and projected
continued growth in 2015.
In Singapore, the Ministry of Trade published data showing that
the country's economy had expanded faster than expected in the
second quarter of 2014, rising 2.4% compared to the same period a
year earlier. This was ahead of the 2.1% growth previously
forecasted by Ministry in July.
In North Asia, the biggest gains were seen by mobile game
publishing platform iDreamSky Technology (
), up 8.79%, and medical equipment manufacturer Mindray Medical
), up 6.14%.
), a provider of internet content and marketing services, increased
3.86% whilst online automobile marketplace Autohome (
) expanded 2.51%. Electronic commerce company JD.com (
) also lifted 1.28%.
In South Asia, automotive manufacturing company Tata Motors
(TTM) gained 1.12%.
Depository receipts of North Asian stocks which saw declines
included ReneSola (SOL), a provider of green energy products, which
was down 2.82% and Trina Solar (TSL), a manufacturer of
photovoltaic modules, down 2.02%.
SouFun (SFUN), a real estate Internet portal, was 1.44% lower,
whilst Himax Technologies (HIMX), a semiconductor company, had
edged down 1.41% and online book retailer E-Commerce China Dangdang
(DANG) was 1.07% lower.
In South Asia, InfoSys (INFY), a provider of business consulting
and IT services, was 1.03% down.
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