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Asian ADRS Slip on Broad Economic Concerns After Disappointing ADP data

By: MT Newswires
Posted: 3/5/2014 10:55:00 AM
Referenced Stocks: ADP;YONG;CCSC;VIMC;LAS

Asian American Depositary Receipts fell on Wednesday amid broad concerns on the U.S. economy after a private survey showed companies added fewer jobs than forecast.

U.S private-sector payrolls increased by 139,000 new jobs in February, according to payroll processor Automatic Data Processing ( ADP ), compared with an expected post of 158,000. January's job count was revised down to 127,000 from the previously reported 175,000.

The Bank of New York Asian index of American depositary receipts slipped 0.5% to 143.77.

Yongye International ( YONG ) fell 7.9% to $6.03 after saying a majority of shareholders didn't approve a proposal to go private. The fertilizer maker in September agreed to a takeover plan pending approval by a majority of shareholders.

Other decliners included Country Style Restaurant Chain ( CCSC ), a quick service restaurant chain in China, down 5.8% to $10.32 and China Ming Yang Wind Power Group (MY US), a wind turbine maker, down 5.7% to $3.82.

Semiconductor company Vimicro International ( VIMC ) gained 12.5% to $4.50 to be the best performing ADR on the day. Next best was Lentuo International ( LAS ), an automobile retailer, up 9.5% to $4.71, followed by marketing company SouFun (SUFN), which rose 9% to $91.55. All three are China-based entities.

Some 10 of the 16 Japanese ADRs fell, with the largest decliner being semiconductor and component test system products company Advantest (ATE), down 2% to $10.41.