NEW YORK ( TheStreet) -- Last week was mixed for global markets with varied responses from different countries with regards to Chinese yuan reforms. As the Chinese central bank announced that it would loosen the yuan and give room for flexibility against the greenback it raised many questions and concerns all over the world.
The S&P 500 declined 3.6% last week and the Dow Jones Industrial Average declined 2.9%. The Shanghai Composite Index and India's Nifty index were down 1.8% and 1%, respectively. On the positive side, Brazil's Bovespa gained 0.6%.
Here we list a few emerging market American depositary receipts that have outperformed both domestic and foreign bourses. UTStarcom (UTSI) was up 16.8% subsequent to the company signing a strategic cooperation agreement with China Merchants Bank in order to triple network convergence. As per the agreement, the bank would provide a credit line up to $13.6 billion to support the company's major projects.
The9 (NCTY), an online game operator and developer in China, gained 9.7%. On June 24, Roth Capital Partners assigned a hold rating to the stock with a price target of $9, representing an upside of more than 100% over current levels. Also, a real estate services provider E-House China Holdings (EJ) was up 7.8%.Global Sources (GSOL) gained 6.5%. Recently, the company's board increased its upcoming cash tender offer to purchase 11.12 million shares up from 6.67 million shares. The purchase price remains at $9 a share. VanceInfo Technologies (VIT), one of the largest offshore software development companies in China, rose 6.2%. Research reveals that the latest RMB fluctuations would have a minimal impact on VIT's revenues as 75% of the company's revenue is generated in the local currency which subsequently would increase overall revenue. Among other gainers, Shanda Games (GAME) and CDC (CHINA) increased 6.1% each. Sinopec Shanghai Petrochemical (SHI) escalated 5.2% with recent news that the company plans to raise $6.8 billion through a financing bill issue. Looking at another emerging market -- India -- Dr. Reddy's Laboratories (RDY) was up 4.7%. The company would be the largest beneficiary among all Indian generic drug makers as $157 billion worth of medicines will lose patent protection from 2010-2015. This will enable the company to supply generic versions of medications that earned significant amount in U.S. sales in the past. Also, Tata Communications (TCL) and Satyam Computer Services (SAY) gained 3.9% and 2.6, respectively.
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