NEW YORK ( TheStreet) -- Shanghai Composite Index has gained 6.1% during the past week on news that the government is planning to levy a real-estate tax on home-owners in some Chinese cities not before 2012.
Other gainers include India's Nifty Index which is up 1.2% and Brazil's Bovespa up 3.6%. Moreover, S&P 500 and Dow Jones are down 2.3% and 0.4%, respectively.
Few emerging market ADRs have outperformed both domestic and foreign bourses. Among China ADR gainers, HSW International (HSWI) soared 18.9% during the past one week.
The online publishing company signed a new content distribution and branding agreement with internet portal and gaming company NetEase.com (NTES - Get Report) for its BoWenWang Website, thereby exposing its content to millions of Chinese viewers. HSW zoomed 100% in trade on July 14.Solar stocks, China Sunergy (CSUN), Trina Solar (TSL - Get Report), and Solarfun Power (SOLF) gained 18.3%, 9.4%, and 9.4%, respectively. China Sunergy was assigned a neutral rating by Barclays Capital with price target of $5, implying a 12% upside over current levels. Besides, Solarfun Power Holdings' subsidiary Jiangsu Linyang Solarfun obtained a $1 billion framework credit facility from Bank of China. Chinacast Education (CAST) is up 17.3%. On July 19, Roth Capital Partners assigned a buy rating to the stock with price target of $12, implying a 73% upside over current levels. Airline stocks, China Southern Airlines (ZNH), and China Eastern Airlines (CEA) gained 12% and 11.6%, respectively. The stocks increased as the country's airline passenger traffic in June grew 23.2% year over year to 21.8 million passengers, the most in 10 months. Casino and Gaming company Melco Crown Entertainment (MPEL - Get Report) increased 11.9%. On July 21, CLSA Asia Pacific Markets assigned a buy rating to the stock with price target of $5, representing a 21% upside over current levels. Lastly, metals and mining majors, Yanzhou Coal Mining (YZC), and Aluminum Corp of China (ACH) gained 11.1% and 10.3%, respectively. Among India ADR gainers, Syntel (SYNT - Get Report) was up 12.9%. On July 22, the company reported a 31% year over year growth in second quarter revenues to $130.6 million. Earnings increased 11% to 68 cents per share, topping analysts' estimates of 57 cents per share. Metals company Sterlite Industries (SLT) gained 7.3% as aluminum output during May increased 23.5% year over year, while IT firm iGate (IGTE - Get Report) was up 6.7%.