Asian ADRs Higher as Mobile Internet Services Stocks Jump

American depository receipts of Asian stocks were trading 0.1% higher at 150.79 on the Bank of New York Mellon Asia ADR Index on Wednesday despite data compiled by Markit and HSBC that showed that operating conditions faced by Chinese manufacturers deteriorated slightly in March.

Total new orders declined for the first time since December, albeit marginally, which contributed to a slower expansion of output, according to the HSBC Purchasing Managers' Index. Meanwhile, employment continued to decline in March, with the pace of job shedding picking up to the sharpest in seven months.

On the costs front, deflationary pressures remained strong, with average input prices falling markedly, while prices charged by manufacturers declined for the eighth month running, according to the report.

Gainers in North Asia were led by ( WBAI ), an online sports lottery service provider, up 3.8%, followed by Cheetah Mobile ( CMCM ), a mobile internet company, up 3.6% and NQ Mobile ( NQ ), a provider of mobile internet services, 3.0% higher. Renewable solar energy firm JinkoSolar ( JKS ) was also up 2.3%.

In Southern Asia, Indian bank ICICI Bank ( IBN ) gained 2.0% while Indian carmaker Tata Motors (TTM) expanded by 2.0%. SIFY (SIFY), an internet services provider, was 1.6% higher while telecommunications company Philippine Long Distance Telephone (PHI) expanded by 1.1%.

Decliners in North Asia were led by E-Commerce China Dangdang (DANG), a business-to-consumer e-commerce company, 4.9% lower, followed by Jumei (JMEI), an online retailer of beauty products, 2.5% lower and renewable energy company Yingli Green Energy (YGE), down 2.2%. ChinaCache (CCIH), an IT company, was also down 1.9%.

In Southern Asia, Malaysian e-payment solutions provider MOL (MOLG) slid 2.6% while pharmaceutical stock Dr Reddy's Laboratories (RDY) fell 1.3% and India (REDF), a provider of online business and consumer offerings in India, was 1.0% lower.

Wipro (WIT), an information technology services provider, was also down 0.8%.

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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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