Yingli Green Energy Gains on Power Plant Contract as Asian ADRs Post Broad Gains


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Yingli Green Energy Holdings Co.'s ( YGE ) American depositary receipts gained Tuesday as the company won a contract to build a solar plant and as oil prices fell.

Asian ADRs gained 0.8% on average, as measured by the Bank of New York Mellon Asia ADR Index, compared with a 0.1% loss for the S&P 500 Stock Index. Asia ADR decliners led advancers 94 to 61.

August Brent crude slipped 1.3% to $105.64 a barrel, the lowest in three months, while Texas light sweet crude fell below $100 a barrel for the first time since May.

Yingli Green Energy rose 2.4% to $3.47 per ADR after the Spanish unit of the Chinese maker of solar panels signed an agreement to build one of the biggest photovoltaic plants in Senegal.

Other Chinese solar ADRs gaining with oil's fall included Trina Solar Ltd. ( TSL ) +1.2% and Daqo New Energy Corp. ( DQ ) +1.7%.

Icici Bank Ltd. ( IBN ) rose 2.3% to $48.24 per ADR as banks worldwide got a lift from a positive earnings report from Citigroup Inc. ( C ), the U.S. bank with a significant global footprint.

Asian ADR gainers included The9 Ltd. (NCTY) +7.9%, Bona Film Group Ltd. (BONA) +4.2% and Vimicro International Corp. (VIMC) +3.8%.

Prana Biotechnology Ltd. (PRAN) led Asia ADR decliners with an 8.5% drop to $2.26 per ADR, easing back from this week's gains as Federal Reserve Chairwoman Janet Yellen said in Congressional testimony that valuations of smaller biotechnology companies may be stretched.

Asian ADR decliners included Tuniu Corp. (TOUR) -4.3%, Jumei International Holding Ltd. (JMEI) -3.8% and Sungy Mobile Ltd. (GOMO) -3.7%.

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: YGE , TSL , DQ , IBN , C

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