Emerging Market ADRs Outperform on Earnings
NEW YORK ( TheStreet) -- The S&P 500 Index gained 2.2% during this week, in comparison to the gains of 2.2% for Brazil's Bovespa, 2% for Dow Jones Industrial Average and 1.3% for India's Nifty Index. The Shanghai Composite Index gained 0.8%, the least among all indices as the country's July manufacturing Purchasing Managers Index expanded at the slowest pace in 17 months to stand at 51.2.
Few emerging market ADRs have outperformed both domestic and foreign bourses. Among China ADR gainers, Guangzhou Global Telecom (GZGT) escalated 25% during the past one week. Nam Tai Electronics (NTE) was up 17.3% after the maker of electronic goods announced that its second-quarter sales increased 12% year-over-year and earnings per share stood at 7 cents.
Meanwhile, China Biotics (CHBT) accumulated 13.6% during the past week. The company is due to announce its quarterly results on Aug. 9, 2010. Analyst estimate earnings of 33 cents per share as against 13 cents recorded in the previous quarter. On Aug. 3, Roth Capital Partners assigned a buy rating to the stock with target price of $20 representing upside of 38%. Meanwhile, China Medical Technology (CMED), and New Dragon Asia (NWD) gained 13.1% and 12.1%, respectively.
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