Wednesday's Asia ADR Recap: Infosys
Elsewhere in the Chinese telecommunications complex, China Unicom (CHU) fell 3.7% to $19.12, China Netcom Group (CN) dropped 2.5% to $57.82, and China Mobile (CHL) finished essentially flat at $72.67.
Shares of China's third-largest coal producer Yanzhou Coal Mining (YZC) plunged 10% after the Shandong government announced it will implement temporary price cuts on coal supplied to power generators. Following the news, the company announced it will raise some of its sport coal prices for other industries by $7.21 to $14.42 per ton. Shares of Yanzhou lost $10.99 to $96.72.
Shares of Hong Kong-based China Natural Resource (CHNR), a Chinese mining company, dove 9.3% after the company reported disappointing full-year results for 2007 due to falling zinc prices. The company said net income for 2007 came in at RMB23.7 million, or RMB1.86 a share, vs. RMB72.5 million, or RMB6.36 a share, from a year earlier, and revenues were RMB126 million, vs. RMB145.4 million from a year ago. Shares of China Natural lost $1.97 to $19.06 on above-average daily volume.
China's Yucheng Technologies (YTEC), an information technology service provider to the Chinese banking industry, announced it has won a large contract with China Construction Bank to provide its next-generation credit management information system. Financial details of the contract were not disclosed. Shares of Yucheng rose 2.57% to $12.36.Some notable losses were seen among Chinese ADRs and China-based stocks on Wednesday, led by Yingli Green Energy (YGE), which slipped 6.6% to $18.97; VisionChina Media (VISN), which dove 6.5% to $17.60; Xinyuan Real Estate (XIN), which lost 6.5% to $8.09; and China Finance Online (JRJC), which moved down 5.6% to $21.86. 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.
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