This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Wednesday's Asia ADR Recap

Update from 5:53 p.m. EDT

Indian stocks broke a six-day winning streak Wednesday as investors in the Far East sold off financial and capital goods stocks. Dealers said market players locked in profits and cleared their position books ahead of the monthly expiration of futures contracts, which ends on the last Thursday of every month.

The Bombay Stock Exchange's benchmark 30-stock Sensex Index fell 86 points, or 0.5%, to 16,698 points.

Indian communications provider Tata Communications (TCL) announced it has launched a suite of security services designed to protect applications, IT systems and networks that power its customers' business infrastructures. The cost-effective security solutions will focus on premise and managed services along with professional services, which will enable Tata Communications to provide its customers with security solutions on a global scale. American depositary shares of Tata Communications traded up 1.4% to $23.

India's largest private sector lender Icici Bank (IBN) said it will not give out promotions or pay large bonus payouts to employees this year, according to the financialexpress.com. The bank said the decision had nothing to do with subprime issues, but had more to do with a slowing global economy. "We are reading the economy and the mood is obviously not as bullish as a year or two ago. So, we have decided to be cost-prudent by holding back the annual promotions and scaling down the bonuses for this year," said head of human resources K Ram Kumar. Shares of Icici dropped 1.1% to $43.

Leading the gainers list among Indian ADRs Wednesday were, Wipro Limited (WIT), which rose 3.8% to $12.27; Patni Computer Systems (PTI), which added 3.1% to $12.94; Tata Motors (TTM), which traded up 2.6% to $16.03; and Dr. Reddy's Laboratories (RDY), which finished 2.4% higher at $15.68.

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.

China Recap

Asian stocks surged higher Wednesday after the Ministry of Finance announced it will slash the tax stamp from 0.3% to 0.1%. Analysts in the region said short-covering propelled stocks higher as market players anticipate more government measures to boost stock prices. Speculation also made the rounds that China's central bank will cut rates at its next policy meeting.

"Overall market sentiment remains positive. By the end of this month, the Fed will do another rate cut and that will support the market," said Ben Kwong, chief operating officer at KGI Securities Asia.

The Shanghai Composite Index jumped 130 points, or 4.2%, to 3,278, and Hong Kong's Hang Seng Index advanced by 350 points, or 1.4%, to 25,289.

According to a report from hexun.com, Chinese Internet search leader Baidu.com (BIDU) has entered into a partnership with Japan's Waseda University to develop Internet search technologies. Baidu will team up with Waseda to develop Web resources that analyze the Japanese market. American depositary shares of Baidu finished essentially flat at $349.66.

Chinese railway passenger and freight transportation company Guangshen Railway (GSH) announced its audited and operating results for the year ending Dec. 31, 2007. Total revenue surged 192.4% to RMB 10.5 billion as compared to 2006 and profit from operations jumped 82.9% to RMB 1.8 billion from the previous year. Net profit also rose 85.5% to RMB 1.4 billion from the previous year. Shares of Guangshen ripped higher by 9% to $29.74 on twice the average daily volume.

Chinese online gaming operator The9 Limited (NCTY) announced it has made a strategic investment in Korean online game developer G10 Entertainment. Under the terms of the deal, The9 Limited has acquired a minority stake in G10 in exchange for a cash investment of around $38 million. Shares of The9 rose 2.3% to $20.50.

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,279.74 +13.75 0.08%
S&P 500 2,010.40 -0.96 -0.05%
NASDAQ 4,579.7890 -13.6380 -0.30%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs