NEW YORK ( TheStreet) -- A few emerging market ADRs outperformed global indices last week, while some others posted losses. The Dow Jones and the S&P 500 edged up 0.3% and 0.2% lower, respectively. The Shanghai Composite Index traded 2.6% higher as a rebound in China's manufacturing activity eased the concerns of global recovery.
China: Winners and Losers
China's top performing ADRs were AirMedia Group (AMCN - Get Report), which surged 54.5% on news that the company has renewed its agreement with China Southern Airlines to operate digital TV screens on the carrier's aircraft through 2015. As per the contract, AirMedia will install TV screens in the economy class and on-demand systems and devices in the business and first-class sections. Among others, China Nepstar Chain Drugstore (NPD - Get Report) and ShengdaTech (SDTH) increased 42.6% and 22.1%, respectively.
A-Power Energy Generation Systems (APWR) soared 25.3% as the company announced a $279 million contract for the construction of hydropower stations in Northeastern China. The project will be completed over the next six years in three phases of 24 months each.Canadian Solar (CSIQ) was up 22%. Meanwhile, Jefferies sees a robust global solar sector as installation demand for 2010 is forecast at 13.6 gigawatts (GW) from 12.9 GW. For 2011, module prices are estimated ahead of consensus expectations, but installation demand estimates have increased from 14.8 GW to 16.3 GW. Major losers for the week were Gushan Environmental Energy (GU) and China Architectural Engineering (CAEI), down 23.8% and 15.8%, respectively. Spreadtrum Communications (SPRD) was down 10% as MediaTek, a rival in the base band market of China, has aggressively defended its market share and a continued price war between the two companies. Despite Spreadtrum's cost-down efforts, the company faces high pressure on its gross margin. India: Winners and Losers Indian ADRs trading on the NYSE and NASDAQ added nearly $23.31 billion to their cumulative market capitalization in September, with IT majors Wipro (WIT - Get Report) and Infosys Technologies (INFY - Get Report) together accounting for $12.4 billion of the total market cap. Sify Technologies (SIFY) and Wipro emerged top gainers with 14.4% and 7%, respectively. Infosys, up 5.4% past week, expects to report second quarter results on October 15, 2010 and sees sales increasing 7.2% on a quarter-over-quarter basis. Profit after tax is forecast 9.8% higher. Satyam Computer Services (SAY) was among major losers, declining 15.2%. Construction major Larsen & Toubro sold 2.42% of its total 4.58% stake in Satyam through open market transactions. Rediff.com (REDF) was down 10.6% past week. Brazil: Winners and Losers Among the Brazilian ADRs, Braskem (BAK) was up 10.8% after the company inaugurated its first commercial plant to produce 200,000 tons of green polyethylene per year. The project requires investments worth $278 million.