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Asia ADRs Gain Even as China New Lending Drops; Solar Companies Mostly Gain

Depository receipts of Asian stocks were up 0.79% to 152.63 in morning U.S. trading on Wednesday, according to the BNY Mellon's Asia ADR Index. U.S. stock averages are moderately higher.

Investors seemed undeterred that data showed new lending declined in China in July while Japan's economy shrank in the three months through June. Also, China's e-commerce giant Alibaba ( BABA ) is continuing preparations for what could be the largest U.S. initial public offering in September.

Internet and solar companies were once again the big movers with Trina Solar ( TSL ) adding 2.1%, JinkoSolar ( JKS ) gaining 3.2% and JA Solar ( JASO ) rising 3.9%. ReneSola ( SOL ) meanwhile fell 1.4% as investors digested the company's guidance for output in 2014.

Meanwhile, online direct sales company JD.com (JD) rose 3.9%, E-Commerce China Dandang (DANG) was higher 2.3% and internet search provider Baidu (BIDU) added 1.4%.

South Asia gainers included business consulting and outsourcing services provider Infosys (INFY), up 0.6% and the banks ICICI Bank (IBN) and HDFC (HDB), up 0.5% and 2.1%, respectively

Losers included companies from some of the same sectors as gainers, but perhaps more vulnerable to China's news of less credit available to consumers. Real estate internet portal SouFun (SFUN) shed 2.0% and online information provider for car buyers Autohome (ATHM) was lower 2.3%.

Similarly, India's Rediff.com (REDF), an online provider of communication, social networking and online marketplaces fell 1.7%.

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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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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