Asian ADRs Rise on Broad Market Push Following U.S. Earnings


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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 ( AA ) 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 two.

Best performing Chinese ADRS were out-of-home advertising network VisionChina Media ( VISN ) up 9.3% to $28.38 and online video company Ku6 Media ( KUTV ), up 5.6% to $2.44. Worst performing Chinese ADRS were leisure good company ( WBAI ), down 2.9% to $36.62 and general retailer ATA ( ATAI ), 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.

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

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Commodities
More Headlines for: AA , VISN , KUTV , WBAI , ATAI

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