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Asian ADRs Gain as India's Private Sector Output Grows for 11th Consecutive Month

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American depository receipts of Asian stocks were trading 0.9% higher at 153.86 on the Bank of New York Mellon Asia ADR Index on Monday after fresh data showed that India's private sector output had risen for the eleventh month running in March.

March saw the level of new business placed with Indian services companies increase, according to economic research organisation MarkitEconomics' latest analysis.

Although solid, the rate of expansion eased since the prior month. Manufacturers, meanwhile, recorded a stronger increase in order book volumes. Across the private sector as a whole, incoming new work grew at a solid pace that was little-changed from that seen in February.

On a seasonally adjusted basis, service sector employment rose during March. This was an improvement from the broadly unchanged levels recorded in the prior month. In manufacturing, staffing levels stabilised.

Gainers in north Asia were led by Qunar ( QUNR ), a search-based commerce platform for the travel industry in China, up 6.3%, followed by media and entertainment company Sony ( SNE ), 5.4% higher and Shanda Games ( GAME ), an online game developer, operator and publisher in China, up 4.0%. Car maker Honda Motor (HMO)was also trading 2.9% higher.

In Southern Asia, pharmaceutical company Dr Reddy's Laboratories ( RDY ) gained 3.8% while telecommunication stock Philippine Long distance Telephone ( PHI ), rose 2.6% and e-payment solutions provider MOL (MOLG) lifted 1.4%.

Indian car manufacturer Tata Motors (TTM) was also trading 1.1% higher.

Decliners in North Asia were led by ChinaCache (CCIH), a provider of a portfolio of services and solutions, 3.2% lower, followed by China Mobile Games and Entertainment (CMGE), a developer of feature phone and smartphone games, down 2.7% and Baidu (BIDU), a Chinese-language Internet search provider, 2.3% lower.

Sumitomo Mitsui Financial (SMFG), a banking business operator, was also down 0.8%.

In southern Asia, Rediff.com India (REDF), a provider of online business and consumer offerings, slid 1.6% while information technology company Wipro (WIT) contracted by 0.2%.

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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