NEW YORK (TheStreet) -- Global exchanges declined last week on a wave of risk aversion, sparked off by the political unrest in Egypt. Last week, all the emerging markets, except China, faced value erosion. In fact, the U.S. markets slumped the most. India's Nifty and Brazil's Bovespa shed 4.1% each last week, whereas the Shanghai Composite Index gained 3.1%. Meanwhile, the Dow Jones and the S&P 500 edged 0.4% and 0.5% lower, respectively.
China: Winners and Losers
Sohu.com (SOHU) topped the advancers' list, up 11%, ahead of its estimated positive fourth quarter results. As per the consensus estimates of Wall Street analysts, profit per share is seen at 99 cents on a revenue of $167.6 million. During the year-ago quarter, Sohu reported a profit of 76 cents per share. Agria (GRO) rose 10.9% past week, after sending its partial takeover offer to PGG Wrightson's (PGW) shareholders, in compliance with the Takeovers Code. Agria intends to acquire 38.3% of PGW's shares.
Spreadtrum Communications (SPRD) gained 9.7% last week after the company along with Taiwan Semiconductor Manufacturing (TSM) achieved the first commercialized 40nm Time Division-Synchronous Code Division Multiple Access (TD-SCDMA) baseband processor milestone. Meanwhile, China BAK Battery (CBAK) advanced 8.6%, following strong quarterly financial results. Revenue for the first quarter ending Dec. 31, 2010 surged 26.5% year-over-year, while net loss narrowed to $3.7 million, compared to $8.6 million in the earlier quarter.Silvercorp Metals (SVM) and The9 (NCTY) were up 6.6% and 6.5%, respectively. China Biotics (CHBT) rose 5.4%. The company recently announced its preliminary, unaudited revenue for fiscal year 2011 third quarter ended Dec. 31, 2010. China Biotics estimates revenue to come in the range of $32 to $33 million, compared to $23 million recorded during the same period a year ago. China Petroleum & Chemical (Sinopec) (SNP) climbed 2.9% last week. The company said its lube oil sales stood at 1.6 million metric tons, amounting to one-third of the top- and medium-grade lube oil market in China. Meanwhile, Sinopec's 2010 net profit is seen touching $15.14 billion in 2010, a top company official said. Xinhua Sports & Entertainment (XSELD) headed the losers' list, plunging 93.3%. GigaMedia (GIGM) lost 20% after it missed analysts' quarterly estimates. Moreover, quarterly revenue was down 79% on a year-over-year basis.
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