Emerging Market ADRs Post Gains
NEW YORK (TheStreet) -- Global markets have had a positive week till date. During the last one week, S&P 500 gained 2.5%, Dow Jones is up 2.2%, Brazil's Bovespa gained 0.3%, and India's Nifty Index increased 0.6%. However, Shanghai Composite Index lost 2.8% as growth slowed during the second quarter.
China ADRs that have traded in the positive irrespective of the decline include, China Transinfo Technology (CTFO) which soared 31.3% during the last one week. Average 3-day volume stood at 565,237 shares compared to 52-week average of 218,837 shares. Meanwhile, Fuqi International (FUQI) surged 20.7%. The stock jumped 18% in trade on July 14 on volume of 1.5 million shares compared to 52-week volume of 1.2 million.
Wonder Auto Technology (WATG) gained 12.0%. On July 14, 2010, Roth Capital Partners assigned a buy rating to the stock with price target of $11, implying a 36% upside over current levels. Meanwhile, the company's two wholly owned subsidiaries entered into a conditional purchase and sale agreement with Jin Ying Limited to sell ordinary shares which will represent a 38.4% stake for a consideration of $20.86 million.Shanda Games (GAME) increased 11.7%. On July 13, Roth Capital Partners assigned a hold rating to the stock with price target of $6.5. Among Indian gainers, iGate (IGTE) gained 23.6% after the company reported an 83.6% jump in net profit for the second quarter on revenues growth of 42.7%. Sify Technologies (SIFY) accumulated 11.1% during the last one week. Meanwhile, Tata Communications (TCL) increased 8.1%. Recently, Tata and Google (GOOG) entered into a revenue sharing model to business tools such as e-mail, instant messaging, etc over the Internet using the Google Apps software suite. Among Brazilian gainers, Gol Linhas Aereas Inteligentes (GOL) gained 8.3% after the company's rating was upgraded to Ba3 and stable by Moody's (MCO) on improving operating performance and its debt issuance. Tam SA (TAM) was up 8%. The company's market share increased 90 basis points month on month to 55.12% in June. BRF Brasil Foods SA (BRFS) accumulated 5.7% as volumes multiplied more than twice to 1.62 mn in Thursday's trading session. Gafisa SA (GFA) escalated 5.1%. The stock was assigned a neutral rating by Goldman Sachs Group (GS) on July 7, 2010.
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