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Thursday's Asia ADR Recap: AirMedia
05/08/08 - 05:51 PM EDT
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One of the few noticeable gainers in the Indian ADR complex Thursday was Sterlite Industries SLT, which rose 1.9% to $20.93. 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
Stocks in China traded mixed Thursday with shares in Hong Kong dropping for the second straight day and shares in mainland China advancing off bargain-hunting. Dealers said market players in Hong Kong are worried that new U.S. disclosure requirements for financial companies could show more subprime losses for banks in the region. "I wouldn't call this a trading consolidation because it's been too volatile," said Ben Collett, head of hedge fund trading at Daiwa Securities SMBC. The Shanghai Composite Index climbed 77.69 points, or 2.2%, at 3,656.84, and Hong Kong's Hang Seng Index closed down 160.42 points, or 0.6%, at 25,449.79. Mindray Medical International MR, a manufacturer and marketer of medical devices in China, soared 11% higher after the company reported more than 40% growth in sales for the fourth consecutive quarter. The company said first-quarter net revenue surged 48.2% to RMB626.0 million (US$89.3 million), vs. RMB422.2 million from the previous year. Net revenue from international markets in the first quarter jumped 49.4% and net revenue in China surged 46.9%. Mindray expects full-year 2008 net revenue to come in between the range of $560 million to $580 million, vs. Wall Street estimates of $454.88 million. American depositary shares of Mindray popped $4.15 to $39.55.Here are some of the stocks the 'Fast Money' crew has been talking about lately.
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