Markets

Asian ADRs Lower as Indian Banks Contract

Depository receipts of Asian stocks contracted slightly on Monday morning, falling 0.14% to 154.69 on the Bank of New York Mellon ADR Index.

Declines in Indian banking institutions were partially offset by gains in solar companies and internet-based service providers.

China Finance Online ( JRJC ), led the gainers in North Asia, expanding 19.69%. Solar energy company Yingli Green Energy ( YGE ) lifted 4.2% and Trina Solar ( TSL ), a Chinese manufacturer of photovoltaic modules, expanded 4.18%.

In South Asia, Hyderabad-based pharmaceutical company Dr Reddy's Laboratories ( RDY ) jumped 1.02%, followed by Wipro ( WIT ), an IT services and consulting company, which expanded 0.86% and SIFY (SIFY), an information and communications technology company, which lifted 0.5%.

Decliners in North Asia were led by Jumei (JMEI), an online retailer of beauty products, which fell 3.72%, followed by Bitauto (BITA), a provider of internet content and marketing services, down 1.32%. Autohome (ATHM), the Chinese auto information website, was down 0.77%.

In South Asia, telecommunications services company Telekomunikasi Indonesia (TLK) led the decliners, dropping 1.36%. It was followed by HDFC (HDB), the Indian banking and financial services company, also down 0.88%, and Indian bank ICICI Bank (IBN), down 0.62%.

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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