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Asia ADRs Gain; China Ends at More Than 1-Wk High and Nikkei Closes at 3-Month High

American depository receipts of Asian stocks were trading 0.69% higher at 142.16 on the Bank of New York Mellon Asia ADR Index on Friday, with China's main index closing at the highest level in more than a week.

Although banking and finance stocks were hit by news that the People's Bank of China will further slash interest rates on loans it provides to banks, stocks managed to gain overall.

Japan's Nikkei ended at a three-month high after the Ministry of Finance said it will be issuing 2.5 trillion yen ($20.4 billion) of two-year government bonds.

Other gainers in North Asia include LG Display ( LPL ), up 6.11%, and Vipshop ( VIPS ), up 3.63%. Insider Monkey reported Tiger Global Management reported owning 9.90 million shares of Vipshop Holdings Ltd, which add up to 49.50 million American Depository Shares (ADSs). This compares with a position comprised of 17.44 million ADSs reported through the firm's 13F filing for the September quarter. The freshly-upped position accounts for 9.96% of the Chinese e-commerce company's outstanding stock.

Among the losers, Jumei ( JMEI ) fell 5.44% and Yingli Green Energy ( YGE ) dropped 2.82%. Jumei swung to a Q3 loss from a year ago despite sales that topped expectations.

Southern Asian losers included Tata Motors ( TTM ) and Dr. Reddy's Laboratories (RDY), each down 0.1%.

On the upside, Telekomunikasi Indonesia (TLK) gained 3.55% and Vedanta (VEDL) rose 2.54%.

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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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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