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Chinese Solar Companies Lead Asian ADR Gains as Oil Prices Jump to 9-Mo. High on Iraqi Conflict

Chinese solar companies led gains among American depositary receipts of Asian companies Thursday as oil prices surged to a nine-month high on concerns about supply disruptions in Iraq.

Press reports said militants took control of Kirkuk, an oil-producing city in northern Iraq. Oil advanced 1.7% to about $106 a barrel in New York.

The Bank of New York Mellon Asia ADR Index gained 0.4%, compared with a 0.3% gain for the S&P 500 Stock Index. Asian ADR gainers led decliners 91 to 61.

Renesola Ltd. ( SOL ) led the gains among Chinese solar-panel makers after saying it received an audit approval on its products from Dutch insurer Solar Insurance & Finance Bv. Renesola gained 8.7% to $2.62 per ADR.

Solar ADR gainers included Yingli Green Energy Holdings Co. ( YGE ) +5.5%, Hanwha Solarone Co. ( HSOL ) +5%, Daqo New Energy Corp. ( DQ ) +3.6% and JA Solar Holdings Co. ( JASO ) +3.6%.

Cheetah Mobile Inc. (CMCM) gained as much as 8% to $22.20 per ADR, an all-time high since going public in May, after its advertising firm said it started a new branding campaign for China's second-biggest maker of security software.

Asian ADR gainers included Sungy Mobile Ltd. (GOMO) +10%, Ubic Inc. (UBIC) +6.1%, Genetic Technologies Ltd. (GENE) $1.10 and Tarena International Inc. (TEDU) +4.7%.

Soufun Holdings Ltd. (SFUN) led Asian ADR decliners with a 13% plunge to $9.24 after analysts at Deutsche Bank downgraded the Chinese real-estate website to a hold rating from buy, and cut the price target to $11 from $16.

Himax Technologies Inc. (HIMX) fell 3.5% to $6.41 per ADR after the Taiwan fabless chipmaker was downgraded to a hold investment rating from buy by analysts at Craig-Hallum Capital Group. The analysts also cut their price target to $7 from $10.

Infosys Ltd. (INFY) narrowed a greater decline to 0.7% at $54.40 per ADR. Overnight, the Indian software services outsourcer hired former SAP Ag (SAP) executive Vishal Sikka as chief executive officer.

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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