Asian ADRs Lower Despite Sustained Growth in Indian Manufacturing Sector - Solar Companies Grain


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Depository receipts of Asian stocks were down 0.76% to 151.74 near midday U.S. trading on Tuesday, according to the BNY Mellon's Asia ADR Index.

This came as new data showed that the private sector upturn in India is continuing as output expanded in July. U.S. stock averages were broadly lower near midday.

The headline HSBC Composite Output Index, published by Markit Economics on Tuesday, posted 53.0 in July, down from June's 16-month high of 53.8.

Output growth accelerated to a 17-month peak in the manufacturing sector, while activity rose for a third consecutive month at services companies.

Adjusted for seasonal factors, the HSBC Services Business Activity Index stood at 52.2 in July, down from June's 17-month peak of 54.4. The latest reading indicated a third successive monthly expansion and was consistent with a modest rise in business activity. However, the pace of output growth slowed from June and was below the long-run series average.

In North Asia, solar companies saw large gains in the first half of the day. Trina Solar ( TSL ) led the ADR gainers, climbing 8.41% to $11.60 while Jinko Solar ( JKS ) was up 7.56% to $25.47. ReneSola ( SOL ) climbed 7.30% to $2.50.

Guangshen Railway ( GSH ), a provider of railroad passenger and freight transportation, rose 5.95% to $21.73.

Polysilicon manufacturer Daqo New Energy ( DQ ) was 4.72% higher at $27.29.

Decliners included Autohome (ATHM), a Chinese car website, which contracted 6% to $39.14 near midday.

Real estate internet portal SouFun (SFUN) fell 5.03% to $10.76 and China Mobile Games and Entertainment (CMGE) slid 4% to $14.15.

Aluminium Coproration of China (ACH) dropped 3.73% to $11.09 and Concord Medical Services also fell 3.13% to $8.05.

South Asia ADR gainers included internet company India (REDF), which rose 1.28% to $2.37 and Infosys (INFY), a technology services company, which expanded 1.17% to $57.93.

Decliners were led by ICICI Bank (IBN), which was down 1.47% to $50.12.

HDFC Bank (HDB) contracted 1.01% to $47.23 and pharmaceutical company Dr Reddy's Laboratories (RDY) slid 0.53% to $44.61.

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

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This article appears in: Investing , Commodities
More Headlines for: TSL , JKS , SOL , GSH , DQ

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