Markets

Asian ADRs Down as eCommerce Stock Losses Weigh

American depository receipts of Asian stocks were 1.6% lower at 121.87 on the Bank of New York Mellon Asia ADR Index on Wednesday morning.

Decliners in north Asia were led by MOMO ( MOMO ), a mobile-based social networking platform, 7.1% lower, followed by Jumei ( JMEI ), an online retailer of beauty products, 4.9% lower and Alibaba ( BABA ), a provider of online and mobile commerce, down by 4.8%.

In southern Asia, Vedanta ( VEDL ), a natural resource major, was 3.2% lower, followed by SIFY ( SIFY ), an information and communications technology company, down by 2.9% and Tata Motors (TTM), an Indian automobile company, down by 2.2%.

Gainers in north Asia were led by China Ming Yang Wind Power (MY), a wind turbine manufacturer, 12.8% higher, followed by The9 (NCTY), an online games developer, 6.1% higher and Aluminium Corporation of China (ACH), a producer of alumina and primary aluminum in China, trading 4.9% higher. China Ming Yang Power agreed to be bought by a consortium of investors including Chuanwei Zhang , the chairman and chief executive officer of the company, in an all-cash transaction worth $408 million.

There were no gainers in south Asia at the time of writing.

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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