Thursday's Asia ADR Recap
Elsewhere in the Chinese oil and gas sector, Cnooc (CEO) said it will offer 17 offshore blocks for joint oil exploration with foreign companies in 2008, according to the company Web Site. The exploration blocks will consist of 13 located in eastern South China Sea and four in the western area of the same sea. Shares of Cnooc ripped higher by 4.2% to $159.28
Both PetroChina and Cnooc also announced they have inked a long-term supply agreement for liquefied natural gas (LNG) from Qatar.
Chinese online gaming company Perfect World (PWRD) jumped 5.4% Thursday after a Piper Jaffray analyst reiterated his buy rating and $35 price target for the stock, citing the company's decision to allow customers to play a online game for free as a growth driver. Shares of Perfect World rose by $1.34 to $26.69.
Some big losers among the Chinese ADRs Thursday were WuXi PharmaTech (WX), which lost 10% to $18.80; PacificNet (PACT), which fell 8% to $1.36; and Suntech Power (STP), which dropped 5.8% to $46.19.
Be sure to check out the Far East Portfolio at Stockpickr.com every night to find out which stocks in India and China are making big moves and announcing major news. For more on Asia, check out Daniel Harrison's coverage at TheStreet.com.Select the service that is right for you!
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