Exchange-traded funds tracking Asian markets were among the best performers Monday, as indices in China, Hong Kong, Thailand and Indonesia rose overnight.
Hong Kong's Hang Seng jumped 2.7%, China's CSI 300 Index gained 0.8%, Indonesia's Jakarta Index added 0.8% and Thailand's Stock Exchange finished up 0.6%.
The iShares FTSE/Xinhua China 25 Index (FXI) was higher by $4.68, or 2.8%, to $173.16. The PowerShares Golden Dragon Halter USX China (PGJ) rose 83 cents, or 2.7%, to $32.11. The SPDR S&P China (GXC) was adding $2.05, or 2.3%, to $90.60. The SPDR S&P Emerging Asia Pacific (GMF) was up $1.61, or 1.9%, to $86.07.
The Broadband HOLDRs (BDH) was rising after RBC Capital Markets upgraded Motorola (MOT) to outperform from sector perform, citing improvements in the company's handset unit. The ETF was recently up 17 cents, or 1.1%, to $15.39.Several other technology ETFs were also gaining ground, thanks to broker actions. EMC (EMC) was higher after Bear Stearns and Citigroup both upgraded the stock. Meanwhile, Citigroup reiterated a buy on Apple (AAPL) and lifted its target by $25 to $185. The Internet Architecture HOLDRs (IAH) was adding 42 cents, or 0.8%, to $52.95. The iShares Dow Jones U.S. Technology (IYW) was up 36 cents, or 0.6%, to $62.21. The Morgan Stanley Technology (MTK) ETF gained 33 cents, or 0.5%, to $65.72. On the flip side, homebuilders were among the worst performers. Among individual names, Beazer Homes (BZH), Hovnanian (HOV), Pulte Homes (PHM), Standard Pacific (SPF) and Meritage Homes (MTH) all were losing ground. The iShares Dow Jones U.S. Home Construction (ITB) eased 90 cents, or 4%, to $21.50. The SPDR S&P Homebuilders (XHB) lost 77 cents, or 3.3%, to $22.50.