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


Shutterstock photo

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 Nasdaq, Inc.

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

This article appears in: Investing Commodities
Referenced Stocks: LONG , EXPE , CEO , SIFY , HIMX

More from MT Newswires


MT Newswires

MT Newswires

Market News, Commodities
Follow on:

Find a Credit Card

Select a credit card product by:
Select an offer:
Data Provided by BankRate.com