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Rediff.com Leads Asian ADRs Higher as Technology Stocks Show Broad Gains After U.S. Jobs Report

Rediff.com Ltd. ( REDF ) led gainers among American depositary receipts of Asian companies as global markets rose following the European Central Bank's announcement of a stimulus plan intended to spur bank lending. U.S. markets opened higher after the jobs report showed signs of a strengthening economy.

The Bank of New York Mellon Asia ADR Index rose 0.4%, matching the rise in the S&P 500 Stock Index. ADR advancers led decliners 105 to 47.

Rediff.com surged 20% to $2.88 per ADR on the highest volume in two and a half years after India's stock market continued its record advance since a business-friendly political party won in national elections.

Cheetah Mobile Inc. ( CMCM ), a Chinese developer of smartphone apps, jumped as much as 21% to $19.60 alongside a broader rally in technology stocks. Tech gainers included Ubic Inc. ( UBIC ) +6.8%, 21Vianet Group Inc. ( VNET ) +6.4%, Sify Technologies Ltd. ( SIFY ) +6.6% and Actions Semiconductor Co. (ACTS) +6.2%

NQ Mobile Inc. (NQ) fell 5.3% to $9.32 per ADR, giving back some of its surge on Wednesday, when it said an investigation team found no evidence of fraud at the Chinese maker of mobile apps.

Decliners included Acorn International Inc. (ATV) -5.8%, Xueda Education Corp. (XUE) -3.5%, Sky-Mobi Ltd. (MOBI) -3.1% and Agria Corp. (GRO) -2.1%.

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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