Baidu Inc. (
) surged Friday, lifting an index of Asian ADRs to a 52-week high,
as Japanese markets closed at a six-month high as the yen weakened
and inflation met economist estimates.
Asian American depository receipts gained 0.3%, on average, and
the Bank of New York Mellon Asia ADR index hit a new 52-week high,
easily outpacing today's 0.3% decline for the S&P 500 Stock
Index. Asia ADR advancers led decliners 79 to 78.
BIDU jumped nearly 9% to $222.40 per ADR as China's leading
search engine reported better-than-estimated Q2 earnings and a 59%
gain in revenue from the prior year.
Other Chinese web and software companies also benefited from the
BIDU results, with social network YY Inc. (
) rising 4.2%, antivirus provider Qihoo 360 Technology Co. (
) adding 5.9% and travel website Ctrip.com International Ltd. (
) advaving 6.3%.
Sony Corp. (
) rose 1.9% to $17.65 per ADR as the Japanese yen weakened to
improve the outlook for exporters.
Other Asian gainers Friday included NQ Mobile Inc. (NQ), up
6.8%; Ubic Inc. (UBIC), rising 6.3% and China Finance Online Co.
(JRJC), with a 3.9% gain.
Tata Motors Inc. (TTM) fell 2.7% to $40.42 after its Jaguar Land
Rover unit cut prices on three car models in China following a
government probe into pricing.
Other Asian ADR decliners included Lentuo International Inc.
(LAS) falling 5.6%; Advantest Corp. (ATE) slipping 5.1% and Concord
Medical Services Holding Ltd. (CCM) dropping 4.5%.
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