Melco Crown Entertainment Shows Strong Gains Among Asia ADRs on Macau Rule on Payment Card Transfers


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Melco Crown Entertainment Ltd. ( MPEL ) showed strong gains among American depositary receipts of Asian companies on Thursday after Macau clarified restrictions on money transfers in casinos. Asian markets closed higher to follow Wednesday's gains in the U.S.

The Bank of New York Mellon Asia ADR Index gained 0.1%, compared with a -0.4% decline for the S&P 500 Stock Index. Asia ADR advancers led decliners 77 to 70.

Melco Crown gained 3.7% to $35.17 per ADR after Macau said it told casinos to stop adding new UnionPay payment card terminals in casinos, not to remove them from jewelry stores and pawnshops in order to curb illegal money transfers.

Youku Tudou Inc. ( YOKU ), a Chinese video website operator that produces original programming, gained 4.4% to $22.95 per ADR as media stocks rose following a U.S. Supreme Court decision said websites would have to pay for content as cable providers do.

Asia ADR gainers included Inc. ( WUBA ) +7.9%, China Distance Education Holdings Ltd. ( DL ) +6.8%, Leju Holdings Ltd. ( LEJU ) +6.4% and AU Optronics Inc. (AUO) +5.4%.

Tata Motors Ltd. (TTM) fell 1.6% to $38.76 per ADR after the Indian carmaker said it had no plans to list another class of depositary receipts on the New York Stock Exchange. U.K. fund manager Knight Assets had urged the company to list them in New York to close a value gap with another class of stock, according to press reports.

Kingtone Wirelessinfo Solution Holding Ltd. (KONE), a Chinese developer of mobile apps, plunged 17% to $5.34 per ADR after reporting a 0.2% decrease from the prior year in software solution revenue to $0.18 million.

Asia ADR decliners included Korea Electric Power Corp. (KEP) -5.9%, WSP Holdings Ltd. (WH) -4.1% and Taomee Holdings Ltd. (TAOM) -3.6%.

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: MPEL , YOKU , WUBA , DL , LEJU

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