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 (
) led the ADR gainers, climbing 8.41% to $11.60 while Jinko Solar (
) was up 7.56% to $25.47. ReneSola (
) climbed 7.30% to $2.50.
Guangshen Railway (
), a provider of railroad passenger and freight transportation,
rose 5.95% to $21.73.
Polysilicon manufacturer Daqo New Energy (
) 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
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 Rediff.com
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
HDFC Bank (HDB) contracted 1.01% to $47.23 and pharmaceutical
company Dr Reddy's Laboratories (RDY) slid 0.53% to $44.61.