NEW YORK (TheStreet) -- During the past week, global markets were trading upward, mainly spurred by positive manufacturing data from around the world and easing concerns over the economic recovery. The Dow Jones and the S&P 500 gained 2.6% and 3%, respectively. Among emerging markets, India's Nifty increased the most, with gains of 3.4%, while Brazil's Bovespa was up 2.3%. The Shanghai Composite Index was down marginally by 0.3%.
China: Winners and Losers
Simcere Pharmaceutical Group (SCR) was the top gainer during the last week with an increase of 18.5%. Linktone (LTON) accumulated 16.2% during the week, after the Chinese media entertainment company reported a 43% revenue growth during the third quarter compared to the year-ago quarter. For the fourth quarter, the company expects to record revenues in the range of $20 million-$21 million compared to $19.8 million in the current quarter.
Silvercorp Metals (SVM) was up 15.8% during the week. China Shen Zhou Mining & Resources (SHZ) scaled up 14.5% last week. Recently, the company said that net revenues are estimated to increase by 164% in 2011 vis-à-vis 2010 levels. For 2010, net revenues are seen at $14.5 million, up from $4.2 million in 2009.Meanwhile, Suntech Power Holdings (STP) jumped 13.1% after the company was upgraded by Auriga, which raised its price target to $11 from the earlier $9. Analysts at the research firm added that the stock has limited downside and company-specific positive developments should encourage investors to build long-term positions on the stock. Sina (SINA) was up 11.7%. China Architectural Engineering (CAEI) topped the losers' list, plummeting 24.6%. A-Power Energy Generation Systems (APWR) lost 19.7% after the company lowered its 2010 guidance. The company said that it estimates revenue to come in at $310 million, lower than both its previous guidance of $500 million and Reuters estimates of $441 million. It added that revenues were subdued mainly due to lower-than-estimated wind turbine sales. Net income guidance was down to $50 million compared to analysts estimates of $72 million. China Medical Technologies (CMED) tumbled 14.3%. The company announced recently that it has increased its size of the previously announced offering of convertible senior notes, pricing it at $125 million in aggregate principal amount of convertible senior notes due 2016 at an issue price of 100%. The issue was closed yesterday.
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