Markets

Asian ADRs Reverse Thursday's Losses as Solar Stocks Advance

American depository receipts of Asian stocks were trading in positive territory on Friday morning, registering a 1.2% gain to 131.01 on the Bank of New York Mellon Asia ADR Index.

This marks a reversal of the direction recorded one day ago, when the index was down by 1.2% as concerns about a slowdown in the economic growth rate of emerging markets weighed on investor sentiment.

In north Asia, social networking platform MOMO ( MOMO ) rose by 5.5% while financial services company Mitsubushi UFJ financial ( MTU ) advanced by 5.2% and Jumei ( JMEI ), an online retailer of beauty products, rose by 3.8%.

Photovoltaic cell manufacturers Trina Solar ( TSL ) and Jinko Solar ( JKS ) were 3.5% and 2.0% higher, respectively.

In southern Asia, pay TV provider Videocon d2h (VDTH) expanded by 2.0% while Indian bank HDFC Bank (HDB) jumped by 1.3% and and Indonesian telecommunication company Telekomunikasi Indonesia (TLK) rose by 1.1%.

Decliners in north Asia were led by web-based financial services company China Finance Online (JRJC), 6.5% lower, followed by renewable energy company Yingli Green Energy (YGE), down by 4.9% and internet television company Youku.com (YOKU), 2.7% lower.

And, in southern Asia, internet platform Rediff.com India (REDF) contracted by 5.5% while diversified natural resources company Vedanta (VEDL) edged 1.4% lower and SIFY (SIFY), an information and communications technology solutions company, slid by 0.9%.

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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