NQ Mobile Leads Declines in Asian ADRs to Near Two-Week Low; Solar Companies Gain With Oil Prices

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NQ Mobile Inc. ( NQ ) led declines in American depositary receipts of Asian companies on Monday after the region's markets were mixed on concern about armed conflict in Iraq. Those worries helped to keep oil prices at a nine-month high, hurting related shares, but helping lift solar stocks.

The Bank of New York Mellon Asia ADR Index fell 0.14%, compared with a 2.1% decline for the S&P 500 Stock Index. ADR decliners led advancers 86 to 60.

NQ Mobile fell 6.7% to $7.41, approaching the two-week low of $7.25 reached on Friday. The Chinese security software maker has been the subject of debate about its valuation following an internal investigation into accounting practices.

Jumei International Holdings Ltd. ( JMEI ) fell 5.2% to $26.26 per ADR, the lowest in three weeks. The Chinese online retailer, which went public in May, had risen to an all-time high of $32.49 on June 9 as Goldman Sachs rated the company a buy.

Melco Crown Entertainment Ltd. ( MPEL ) fell 3.9% to $32 per ADR, reversing two days of gains. The company's stock has fallen on concerns about lower gambling revenue in Macau.

Asia ADR decliners included Cheetah Mobile Inc. ( CMCM ) -5.8%, China Distance Education Holdings Ltd. ( DL ) -4.6%, Autohome Inc. (ATHM) -4.3% and Prana Biotechnology Ltd. (PRAN) -3%.

Sinopec Shanghai Petrochemical Co. (SHI) gained 4.7% to $28.34, a two-month high reached with elevated oil prices.

China's solar stocks posted broad gains, such as: Renesola Ltd. (SOL) +5%, China Sunergy Co. (CSUN) +4.8%, Yingli Green Energy Holdings Co. (YGE) +2.4% and Hanwha Solarone Co. (HSOL) +1.7%.

China Digital TV Holding Co. (STV) gained 6% to $4.28 per ADR, easing from a three-year high of $5 reached earlier Monday. The company gained on Friday after announcing a restructuring agreement.

ADR gainers included Chinacache International Holdings Ltd. (CCIH) +3.5%, Himax Technologies Inc. (HIMX) +4.3% and Sky-Mobi Ltd. (MOBI) +3.3%.

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

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This article appears in: Investing , Commodities
More Headlines for: NQ , JMEI , MPEL , CMCM , DL


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