Markets

Melco Crown Entertainment Helps Lift Asian ADRs on Positive Analyst Call; Tata Motors Falls on Departures

Melco Crown Entertainment Ltd. ( MPEL ) helped to lift the index of American depositary receipts for Asian companies Wednesday on a positive analyst rating. Asia's markets closed mixed after the World Bank downgraded its global growth forecast.

The Bank of New York Mellon Asia Index rose 0.1%, compared with a 0.4% slide for the S&P 500 Stock Index. Decliners led advancers 79 to 69.

Melcro Crown gained 4.2% to $32.09 per ADR after Barclays began covering the casino operator with an overweight rating and price target of $51.43.

Sify Technologies ( SIFY ) rose 5.2% to $2.36 per ADR, its fifth day in a row of advances as India's stock market has risen to records. On Tuesday, the IT services company announced its first dividend payout.

Infosys Ltd. ( INFY ), another Indian software services company, gained 4% to $54.41 per ADR. It sent legal notices to three Indian newspapers alleging their articles defamed the company.

Asia ADR gainers included Ubic Inc. ( UBIC ) +12%, China Finance Online Co. ( JRJC ) +7.4%, Tarena International Inc. (TEDU) +7% and Airmedia Group Inc. (AMCN) +6.9%.

Tata Motors Ltd. (TTM) fell 1.3% to $39.13 per ADR after two senior executives quit the Indian car maker. Venkatram Mammillapalle, the head of parts buying, and Rajesh Bagga, the head of the legal department, resigned.

Taiwan Semiconductor Manufacturing Co. (TSM) fell 0.3% to $21.23 per ADR. The company sued Zond Llc. in a pre-emptive move to block the patent licensor from claiming infringement.

Decliners included WSP Holdings Ltd. (WH) -5.9%, NQ Mobile Inc. (NQ) -5.3% and Concord Medical Services Holding Ltd. (CCM) -5.1%.

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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