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Friday's Asia ADR Recap

Stocks in India soared for the second day in a row Friday, as short sellers raced to cover positions, after crude oil prices continued to slide lower and inflation data came in lighter-than-expected. The government released data on Thursday night that showed the annual rate of inflation for the week ending on July 5 was 11.91%, vs. 11.89% from the week earlier. The market cheered the results considering that many analysts were expecting an inflation reading of 12%.

Stocks from India making moves and news in the U.S. include Satyam Computer Services (SAY), Wipro Limited (WIT - Get Report) and Dr. Reddy's Laboratories (RDY - Get Report).

Shares in mainland China rose sharply Friday spurred by rumors the government will introduce bullish stock market initiatives over the weekend as the August Beijing Olympic Games near. Stocks in Hong Kong also advanced following an extremely volatile trading session. Far East traders attributed the wild volatility to news of disappointing U.S.-based technology earnings from Google (GOOG) and Microsoft (MSFT), coupled with the mainland rumors.

Stocks from China making moves and news in the U.S. include Solarfun Power Holdings (SOLF), LDK Solar (LDK), WuXi PharmaTech (WX - Get Report) and 3SBio (SSRX).

For the rest of the article, including detailed analysis of the latest activity surrounding these and other Chinese and Indian stocks, please click here.

Be sure, also, to check out the Far East Portfolio at Stockpickr.com every night.
Stockpickr is a wholly owned subsidiary of TheStreet.com.

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