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 were up 0.9% and 0.5%, respectively, while the Shanghai Composite Index gained 5.3%. India's Nifty Index declined 1.0% and Brazil's Bovespa Index added 2.7%.
China: Winners and Losers
Among China's top ADRs, China Technology Development Group (CTDC) gained 27.4% after the company announced an agreement with China Technology Solar Power Holdings to develop a 100MW solar project in China and terminated plans to acquire the company. "We are pleased to change our role from a potential acquirer to a strategic partner and supplier of CTSP. Both parties will benefit from strategic cooperation in respect of designing of and research on the grid-connected solar plant," Alan Li, Chairman and CEO of CTDC said. CTDC manufactures solar energy products including base plates of thin film solar cells, solar illuminating lamps, solar packs for battery recharging, and solar decorating products.
Among others, Yucheng Technologies (YTEC), New Oriental Energy & Chemical (NOEC), and KongZhong (KONG) gained around 25.6%, 25.0%, and 24.1%, respectively. On Friday, Needham & Co. reiterated the buy rating on Yucheng Technologies, while Brean Murray Carret reaffirmed the buy rating on KongZhong on Tuesday. On Oct. 7, KongZhong announced signing a publishing agreement with World of Tanks, a free-to-play highly popular multi-player online auction game.LDK Solar (LDK) gained around 23.7% past week after the agreement with Sunways AG for manufacturing Sunways solar modules. LDK manufactures multi-crystalline solar wafers. Major losers included China INSOnline (CHIO) and Duoyuan Global Water (DGW), down 47.0% and 10.3%, respectively. Duoyuan's decline came despite the upgrade to neutral from underweight at Piper Jaffray. Among others, VisionChina Media (VISN) and Noah Education Holdings (NED) shed around 6.8% and 6.0%, respectively. India: Winners and Losers Indian ADRs trading on the NYSE and NASDAQ added about $1.76 billion to their cumulative market capitalization for the week ended Oct. 15, with Wipro's (WIT) valuation increasing by $2.13 billion to $40.66 billion. Meanwhile, Tata Motors (TTM) and Dr. Reddy's Laboratories (RDY) gained around $211 million and $174 million, respectively. WNS Holdings (WNS), a leading provider of global business process outsourcing, emerged top gainer by percentage, up 7.2%. Wipro, Patni Computer Systems (PTI), and Syntel (SYNT) gained around 5.5%, 4.9%, and 3.8%, respectively. On profit-booking, Infosys Technologies (INFY), HDFC Bank (HDB), and ICICI Bank (IBN) declined around 1.3%, 1.2%, and 0.44%, respectively. Brazil: Winners and Losers Among Brazilian ADRs, Centrais Eletricas Brasileiras (Eletrobras) (EBR) was up 13.7% past week. The stock has been on a roll recently as it jumped 7.4% the week before . The company is in talks with China's state grid utility to build generating capacity in the country, WSJ reports, citing Estado de S. Paulo newspaper.
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