Elong Leads Declines Among Asian ADRs as Expedia Calls Media Rumors Over Elong Stake 'Inaccurate'

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Elong Inc. ( LONG ) led declines among American depositary receipts of Asian companies Monday as the region's markets fell. Japanese stocks retreated from five-month highs as the yen strengthened against the dollar.

The Bank of New York Mellon Asia ADR Index fell 0.4%, compared with a 0.2% decline for the S&P 500 Stock Index. Asian ADR decliners led advancers 99 to 58.

Elong, a Chinese online travel website, fell 6.4% to $20.23 after Expedia Inc. ( EXPE ) said Chinese media reported "inaccurate rumors" about its ownership stake in Elong. "Expedia remains a long-term investor in eLong and supports eLong's drive to become the leading Chinese travel site," Expedia said in a statement.


Cnooc Ltd. ( CEO ) fell 3.8% to $175.48 per ADR as oil prices fell below $104 a barrel to a one-month low as Libya was expected to resume oil exports.

Asian ADR decliners included Sify Technologiest Ltd. ( SIFY ) -1.5%, Himax Technologies Inc. ( HIMX ) -3% and Melco Crown Entertainment Ltd. (MPEL) -3%.

Genetic Technologies Inc. (GENE) surged 16% to $1.19 per ADR after gene test sample reached volumes achieved in late 2013.

Infosys Ltd. (INFY) gained 3% to $55.34 per ADR as Indian stocks rose to a third consecutive high. The software services company will release Q1 earnings results on July 11.

Asia ADR gainers included Soufun Holdings Ltd. (SFUN) +6%, Telekomunikasi Indonesia (TLK) +5.6% and Semiconductor Manufacturing International Corp. (SMI) +5.8%.



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

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This article appears in: Investing , Commodities

Referenced Stocks: LONG , EXPE , CEO , SIFY , HIMX

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