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IFM Investments Leads Asian ADR Decliners; Melco Crown, Sesa Sterlite, Ikang Lower

IFM Investments Ltd. ( CTC ) led decliners among American depositary receipts of Asian companies after the region's markets closed mixed.

Hong Kong stocks rose after China said the consumer price index rose 2.5% in May from the prior year, in line with estimates. The country also eased reserve requirements for banks to spur lending. Wholesale prices fell 1.4% in May from a year earlier.

The Bank of New York Mellon Asia ADR Index fell 0.2%, while the S&P 500 Stock Index fell 0.09%. Advancers led decliners 78 to 69.

IFM Investments, which has exclusive rights to the Century 21 real estate brand in China, declined 9.4% to $1.25 per ADR. The company reached a 52-week low of $0.89 on May 28 as China's property market showed signs of weakness.

Melco Crown Entertainment Ltd. ( MPEL ) fell 2.6% to $29.91 per ADR, its fourth day in a row of declines. Casino stocks have faced pressure on concerns about slowing gambling revenue in Macau.

Materials companies faced selling pressure as Chinese authorities expanded an investigation into commodities fraud allegations at the ports of Penglai and Qindao. Sesa Sterlite Ltd. ( SSLT ) fell -2.7% to $20.11 per ADR and BHP Billiton Plc ( BHP ) -0.7% to $67.62.

Ikang Healthcare Group Inc. ( KANG ) fell 3.1% after reporting that its Q4 non-GAAP net loss narrowed 2.6% to $4.7 million.

Decliners included Bona Film Group Ltd. (BONA) -4.9%, Soufun Holdings Ltd. (SFUN) -4.5%, Sky-Mobi Ltd. (MOBI) -4% and E-House Holdings Ltd. (EJ) -3%.

China Mobile Ltd. (CHL) gained 0.8% to $49.49 per ADR after saying it bought an 18% interest in Thailand's True Corp. for $882 million.

Gainers included Kingtone Wirelessinfo Solution Holding Ltd. (KONE) +8.6%, Weibo Corp. (WB) +5.1%, China Southern Airlines Co. (ZNH) + 4.9% and New Oriental Education & Technology Group Inc. (EDU) +4.3%.

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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