Markets

Asian ADRs Lower Despite Continuing Growth In Indian Economy

Depository receipts of Asian stocks were down slightly during Tuesday's morning session in spite of positive economic growth forecasts for India and Singapore.

The Bank of New York Mellon Asia ADR Index showed a 0.02% contraction to 151.46 as solar companies offset gains seen by internet-based services.

The Asian ADR movements came as ratings agency Moody's forecast an expansion in India's economy of 5% during 2014 and projected continued growth in 2015.

In Singapore, the Ministry of Trade published data showing that the country's economy had expanded faster than expected in the second quarter of 2014, rising 2.4% compared to the same period a year earlier. This was ahead of the 2.1% growth previously forecasted by Ministry in July.

In North Asia, the biggest gains were seen by mobile game publishing platform iDreamSky Technology ( DSKY ), up 8.79%, and medical equipment manufacturer Mindray Medical International ( MR ), up 6.14%.

Bitauto ( BITA ), a provider of internet content and marketing services, increased 3.86% whilst online automobile marketplace Autohome ( ATHM ) expanded 2.51%. Electronic commerce company JD.com ( JD ) also lifted 1.28%.

In South Asia, automotive manufacturing company Tata Motors (TTM) gained 1.12%.

Depository receipts of North Asian stocks which saw declines included ReneSola (SOL), a provider of green energy products, which was down 2.82% and Trina Solar (TSL), a manufacturer of photovoltaic modules, down 2.02%.

SouFun (SFUN), a real estate Internet portal, was 1.44% lower, whilst Himax Technologies (HIMX), a semiconductor company, had edged down 1.41% and online book retailer E-Commerce China Dangdang (DANG) was 1.07% lower.

In South Asia, InfoSys (INFY), a provider of business consulting and IT services, was 1.03% down.

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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