Markets

Asian ADRs Lower as Tech, Banking Weakness Soured Strong Real Estate Stock Gains

American depository receipts of Asian stocks were trading 1.37% lower at 139.60 on the Bank of New York Mellon Asia ADR Index on Monday despite gains seen in Chinese real estate companies. Tech and banking shares dragged the broader ADR market lower.

Decliners in North Asia were led by NQ Mobile ( NQ ), a provider of mobile internet services, trading 3.5% lower, followed by Airmedia ( AMCN ), an operator of out-of-home advertising platforms, down 3.1%, and banking company Sumitomo Mitsui Financial ( SMFG ), which contracted 2.1%.

Ctrip.com International ( CTRP ), a consolidator of hotel accommodations and airline tickets in China, also fell 2.1%.

In Southern Asia, MOL ( MOLG ), a provider of e-payment solutions for online goods and services, was down 2.7%, followed by diversified metal and mining company Sesa Sterlite (SSLY), trading 2.2% lower, and telecommunication company Telekomunikasi Indonesia (TLK), down 1.5%.

IT company Wipro (WIT) also dropped 1.5%.

Gainers in North Asia included Cheetah Mobile (CMCM), a mobile internet company, up 9.7%, followed by MOMO Inc (MOMO), a holding company that offers a mobile-based social networking platform, up 4.9%, and online discount retailer Vipshop (VIPS) which expanded 4.8%.

Chinese real estate internet portals SouFun (SFUN) and E-House (China) (EJ) picked up by 4.5% and 4.8% respectively.

In Southern Asia, SIFY (SIFY), an integrated internet, network and electronic commerce services company, also expanded by 1.5%.

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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