Asian American Depositary Receipts firmed Wednesday as investor
optimism rose on the back of a better-than-expected start to the
U.S. earnings season.
Industry bellwether Alcoa (
) posted better-than-anticipated results after the bell on Tuesday
which set the early tone. Investors are also betting that there
will be no surprises from the Federal Reserve Open Committee
meeting minutes due to be released at 2 p.m. EDT. Lingering
concerns over unrest in Ukraine tempered the advance but for now
were mostly overlooked.
The Bank of New York Asian index of American depositary receipts
was last up 0.1% to 141.97. Chinese advancers outpaced decliners
three to two but Japanese decliners outpaced advancers three to
Best performing Chinese ADRS were out-of-home advertising
network VisionChina Media (
) up 9.3% to $28.38 and online video company Ku6 Media (
), up 5.6% to $2.44. Worst performing Chinese ADRS were leisure
good company 500.com (
), down 2.9% to $36.62 and general retailer ATA (
), down 2.4% to $3.99. The decline in ATA left the ADR down 0.5%
for the year to date.
In other Chinese ADRs in the news, Youku Tudou (YOKU), the
internet television company in China rose 3.6% to $25.90 after it
said it recently launched the beta version of an interactive
entertainment platform, Xingmen.
Vipshop Holdings Ltd. (VIPS) rose 1.6% to $144.88 after Credit
Suisse on Tuesday upgraded the Chinese online retailer to
outperform from neutral, with a price target elevated to $178 per
ADR from $145.
Worst performing Japanese ADRS were financial service company
Orix (IX), down 1.4% to $68.06, and Toyota Motor (TM), down 1.4% to
$107.59. Toyota Motor fell on reports Wednesday that the world's
largest automaker recalled 6.4 million vehicles globally.
Best performing ADRS from Japan were computer forensics company
UBIC (UBIC), up 15.5% to $9.50 and manufacturer of office
multifunction devices, copying machines, printers and cameras Canon
(CAJ), up 1% to $30.90.