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Asian ADRs Lower as Social Networking Platforms Contract Sharply

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American depository receipts of Asian stocks were 2.1% lower at 114.47 on the Bank of New York Mellon Asia ADR Index on Thursday morning.

Decliners in north Asia were led by MOMO ( MOMO ), a mobile-based social networking platform, 13.9% lower, followed by YY ( YY ), a social networking platform, down by 12.5% and Vipshop ( VIPS ), an online discount retailer, 6.0% lower.

In southern Asia, Tata Motors ( TTM ), an automobile company, was down by 8.3%, followed by Vedanta ( VEDL ), a natural resource major, down by 5.8% and ICICI Bank (IBN), trading 5.1% lower.

Gainers in north Asia were led by Kingtone Wirelessinfo Solutions (KONE), a provider of mobile enterprise solutions, 4.6% higher, followed by Leju (LEJU), an online-to-offline real estate services provider, up by 2.0%, and Agria (GRO), an agricultural company, trading 2.0% higher.

And, in southern Asia, SIFY (SIFY), an information and communications technology company, was 1.0% higher while Dr Reddy's Laboratories (RDY), a pharmaceutical company, was up 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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