Asian ADRs Post Broad Gains After Region's Markets Advance; Vimicro Rises on Electronics Bid


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American depositary receipts of Asian companies gained Wednesday after the region's markets advanced on stronger Chinese and U.S. factory data. Hong Kong stocks finished trading at an almost seven-month high, while India had a record close.

The Bank of New York Mellon Asia ADR Index gained 0.5%, compared with a flat reading for the S&P 500 Stock Index. Asia ADR advancers led decliners 98 to 47.

Vimicro International Corp. ( VIMC ) gained 4.5% to $2.56 per ADR after winning a bid to provide electronics equipment to the Handan municipal government in China.

Indian stocks rose broadly after remarks by Finance Minister Arun Jaitley were seen as hinting at a prudent fiscal budget next week. Indian ADR gainers included thinly traded India Ltd. ( REDF ) +5.1%, miner Sesa Sterlite Ltd. ( SSLT ) +4.2% and carmaker Tata Motors Ltd. ( TTM ) +3%. Inc. ( JD ) held onto Tuesday's gains at $29.71 per ADR. Jefferies had upgraded the Chinese online retailer to a buy rating with a price target of $36.

Asian ADR gainers included 21Vianet Group Inc. (VNET) +5.5%, Ku6 Media Co. (KUTV) +4.8%, Tarena International Inc. (TEDU) +4.2% and Weibo Corp. (WB) +3.8%.

Asian ADR decliners included Elong Inc. (LONG) -5.8%, Autohome Inc. (ATHM) -2.6% and Ltd. (WBAI) -2.2%.

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: VIMC , REDF , SSLT , TTM , JD

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