Markets

Asian ADRs Gain as E-Commerce Stock 58.com Soars

American depository receipts of Asian stocks were trading 0.5% higher at 156.15 on the Bank of New York Mellon Asia ADR Index on Tuesday.

Gainers in North Asia were led by online marketplace 58.com ( WUBA ), 19.1% higher, followed by online game developer and operator KongZhong ( KZ ), up 9.4% and Tarena ( TEDU ), a provider of professional education services, 5.7% higher. Sky mobi ( MOBI ), a mobile application platform operator, also gained 8.0%.

In southern Asia, WNS Holdings ( WNS ), a holding company, expanded by 1.9% while Indian car manufacturer Tata Motors (TTM) gained 1.0% and Indian bank HDFC Bank (HDB) lifted 0.7%.

In North Asia, decliners were led by Noah Holdings (NOAH), a wealth management service provider, down 7.1%, followed by SouFun (SFUN), a real estate internet portal, 5.1% lower and Melco Crown Entertainment (MPEL), an owner and operator of casino gaming and entertainment resort facilities, 3.4% lower.

E-House (China) (EJ), a real estate service provider, was also down 2.8%.

In southern Asia, telecommunication company Philippine Long Distance Telephone (PHI) contracted 0.5% while diversified metal and mining company Sesa Sterlite (SSLT) dropped 0.7% and Indian bank ICICI Bank (IBN) fell 0.6%.

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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