NEW YORK (Thestreet) -- Global market indices ended negative last week, after the environmental crisis raised fears of economic damage in Japan. Only India's Nifty edged 0.5% higher, while China's Shanghai Composite Index and Brazil's Bovespa dipped 2% and 0.9%, respectively. At close last week, the Dow Jones and the S&P 500 eroded 1% and 1.3%, respectively.
China: Winners and Losers
Sina (SINA) was at the helm of the gainers' list, up 12.8% during the past week. The company recently integrated a promotional messaging service into its microblogging platform, Sina Weibo. The service is an add-on feature to Weibo that allow users to filter offers they would like to receive from a list of participating group-purchasing websites.
Other internet stocks like Sohu.com (SOHU) and Baidu (BIDU) gained 4.5% and 2.1%, respectively after E-Commerce China Dangdang, considered Amazon.com of China, provided a brighter outlook for the future of internet companies in 2011.For the second consecutive week, KongZhong (KONG) gained 10.6%, after it was upgraded by TheStreet ratings from hold to buy. Shanda Interactive Entertainment (SNDA) rose 9.3% last week. Market intelligence says that Shanda has reportedly purchased the domain name uanyouhui.com ("Group Discount") for a group buy website. China Real Estate Information (CRIC) advanced 8.6% last week. The company recently reported 51% year-over-year increase in revenue to $62.4 million, while revenue from online services jumped 82%. For full-year 2010, revenue was up 82%, while net income rose 32% for the same period. WuXi PharmaTech (WX) gained 6.3% last week. The company estimates revenue for full-year 2011 between $390 and $405 million. China GrenTech (GRRF) rose 6% and the company is scheduled to release its fourth quarter and full-year 2010 financial results on March 16, 2011 after the market closes. Perfect World (XSELD) was up 5.5% after Credit Suisse upgraded the stock's rating to neutral from underperform. Fuwei Films (Holding) (FFHL) led the pack of losers declining 29.3%. China Shen Zhou Mining & Resources (SHZ) slumped 21.2% after research house Muddy Waters reported that it was short on the stock. Solar stocks LDK Solar (LDK), Suntech Power Holdings (STP) and Trina Solar (TSL) dipped 15.4%, 14.7% and 10.6%, respectively. Solar stocks extended declines as industry analysts forecast that subsidy cuts to incentive programs in European countries Italy and France may drag prices and demand for panels that convert sunlight into electricity.
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