Markets

Asian ADRs Pull Back as Web Stocks See Mixed Fortunes

American depository receipts of Asian stocks were 0.7% lower at 137.50 on the Bank of New York Mellon Asia ADR Index on Friday morning.

Decliners in north Asia were led by Japanese banking business Sumitomo Mitsui Financial ( SMFG ), 2.6% lower, the same day that the Bank of Japan surprised global investors by announcing that it would extend the maturity on its purchases of government bonds to seven-to-12 years from an original seven-to-10 years but leave its annual asset purchase target unchanged.

NetEase ( NTES ), a Chinese online community operator, was down by 2.5% and Sony ( SNE ), a manufacturer of electronic equipment and game consoles, trading 2.4% lower.

In southern Asia, Rediff.com India ( REDF ), an internet platform, edged down by 2.0%, followed by Vedanta ( VEDL ), a natural resource major, 1.6% lower, and Philippine Long Distance Telephone (PHI), a telecommunications services provider, trading 1.3% lower.

Gainers in north Asia were led by China Finance Online (JRJC), a web-based financial services company, 4.1% higher, followed by Trina Solar (TSL), a solar power products manufacturer, 3.7% higher and Jumei (JMEI), an online retailer of beauty products, up by 3.2%. China Finance Online Friday reported it received

RMB154.9 million ($24.0 million) from its investment in the Langfang real estate project, including recovered principal of RMB137.9 million ($21.7 million).

In southern Asia, MOL (MOLG), a Malaysian e-payment solutions provider, was 1.1% higher, followed by Videocon d2h (VDTH), a pay TV company, up by 1.0% and Tata Motors (TTM), an Indian automobile company, 0.8% higher.

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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