Markets
ASX

Siliconware Leads Declines in Asian ADRs After Chinese Inflation Data Knocks Region's Markets Lower

A generic image of two people across each other
Credit: Shutterstock photo

Siliconware Precision Industries Co. ( SPIL ) led declines among American depositary receipts of Asian companies Wednesday after the region's markets fell on Chinese inflation data.

Asian stocks closed lower with the Hong Kong's Hang Seng Index losing 1.6% after data showed that Chinese consumer prices rose 2.3% in June from the prior year, although a touch less than the consensus estimate of 2.4%.

The Bank of New York Asia ADR Index fell 0.3%, compared with a 0.2% gain for the S&P 500 Stock Index. Decliners led advancers 85 to 73.

Siliconware fell 6.4% to $8.31 per ADR after two funds offered a block trade in the Taiwanese chip testing company priced at a discount of as much as 6.9% from a prior trade, according to Reuters.

Soufun Holdings Ltd. ( SFUN ), a Chinese real estate website, fell 3% to $9.54 per ADR after the head of China's biggest property brokerage said developers are delaying paying commissions on new home sales.

ADR decliners included Taomee Holdings Ltd. ( TAOM ) -3.7%, Himax Technologies Inc. ( HIMX ) -3.7% and advanced Semiconductor Engineering Inc. ( ASX ) -3.4%.

NQ Mobile Inc. (NQ) jumped 9.2% to $4.52 per ADR after publishing a response to Muddy Waters explaining why company management was unable to buy additional stock in the Chinese developer of mobile apps.

Chinese solar stocks gained as oil prices fell after Libya began exporting crude. Gainers included Yingli Green Energy Holdings Co. (YGE) +3.7%, China Sunergy Co. Ltd. (CSUN) +2.4% and Hanwha Solarone Co. (HSOL) +1.7%.

Asian ADR gainers included Ossen Innovation Co. (OSN) +4.7%, Weibo Corp. (WB) +4.1% and 58.com Inc. (WUBA) +3.85.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

In This Story

ASX HIMX SFUN

Other Topics

Commodities