Asian American Depository Receipts rose on Tuesday amid the
generally positive sentiment surrounding Russian President Vladimir
Putin's decision to order the Russian military to suspend its
exercises off the border of Ukraine.
Russian President Vladimir Putin said there is "no need yet" to
use military force in Ukraine and that news offset bearish economic
data on UK construction activity and deflationary risks in the
The Bank of New York Asian index of American depositary receipts
rose 1.4% to $144.24. Just 18 of 98 Chinese ADRs fell, while one of
17 Japanese ADRS was lower on the day.
Shares of Vipshop Holdings (
), an online discount retailer for brands in China, rallied 33.5%
to 170.59 with the session peak of $182 a record high. The company
reported better-than-expected Q4 earnings late Monday of $0.49 per
ADS, compared with the consensus forecast of $0.41, using Capital
IQ data, on revenue of $651 million versus the $561.66 million
E-Commerce China Dangdang (
) stock rose 14% to $16.88, with the earlier session peak of
$17.25, a 2-1/2 year high. The business-to-consumer Internet
product provider has seen its stock almost double after posting
better-than-expected Q4 earnings last week.
The two ADRs were the best performing Chinese issues in early
trade in New York.
China Mobile Games & Entertainment Group (
) was a drag on the day with its stock falling 10.2% to $32.74. The
smartphone game maker reported a Q4 profit but investors focused on
the 51% rise in operating costs on a sevenfold increase in
Video game publisher Konami (
) was the best performing Japanese ADR, climbing 3.6% to