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Asian ADRs Contract Marginally Despite Indian Banking Gains

American depository receipts of Asian stocks were trading 0.2%lower at 126.47 on the Bank of New York Mellon Asia ADR Index on Tuesday morning.

Decliners in north Asia were led by Cheetah Mobile ( CMCM ), a provider of online marketing services, 5.2% lower, followed by Melco Crown Entertainment ( MPEL ), an owner and operator of casino gaming and entertainment resort facilities, down by 4.6% and Nippon Telegraph and Telephone ( NTT ), a provider of fixed and mobile voice related services, 2.6% lower.

In southern Asia, diversified natural resources company Vedanta ( VEDL ) edged 3.4% lower while telecommunication company Philippine Long Distance Telephone ( PHI ) contracted by 1.9% and pay TV provider Videocon d2h (VDTH) slid by 0.7%.

Gainers in north Asia were led by photovoltaic cell manufacturer ReneSola (SOL), 6.5% higher, followed by online marketplace 58.com (WUBA), 5.1% higher and real estate internet portal SouFun (SFUN), 4.5% higher.

And, in southern Asia, Indian banks HDFC Bank (HDB) and ICICI Bank (IBN) were 2.8% and 2.4% higher, respectively. SIFY (SIFY), an information and communications technology solutions and services company advanced by 1.8%.

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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