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.
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.
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