Wednesday's Asia ADR Recap: Infosys
Bangalore-based information technology leader Wipro Limited (WIT) announced it has started Eco Eye, a corporate-wide program to help increase ecological sustainability throughout all of its operations. As part of the program, Wipro will work towards carbon neutrality, water balance waste management and bio-diversity. Shares of Wipro fell 1.7% to $13.74.
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 RecapStock losses in mainland China helped to drag down shares in Hong Kong on Wednesday as intense selling pressure continued to rock shares of telecommunication companies. Telecom stocks fell sharply on the heels of the government's reshuffling of the entire industry, announced on Monday.
"The performance of Chinese telecoms companies drove the decline in the benchmark index. If there's a rebound in those Chinese telecom stocks it may limit further losses in the Hang Seng Index," said Castor Pang, a strategist with Sun Hung Kai.The Shanghai Composite Index fell 66.49 points, or 1.9%, to 3,369.91, and Hong Kong's Hang Seng Index dropped 252.51 points, or 1.04%, to 24,123.25. Here's a look at how some China-based American depositary shares traded in the U.S. on Wednesday. China's biggest fixed-line phone company China Telecom (CHA) announced it's in discussions to sell a stake in the company to a strategic investor to further its expansion after buying part of the wireless operations of Shanghai-based China United Telecommunications for $15.9 billion. According to the Oriental Morning Post, Qualcomm (QCOM), Singapore Telecommunications and SK Telecom (SKM) have approached China Telecom. SK Telecom has denied the reports, and Qualcomm and Singapore Telecommunications declined to comment on the rumors. American depositary shares of China Telecom, which trade on the NYSE, moved down 0.6% to $62.63.
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