This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration. Need a new registration confirmation email? Click here
NEW YORK ( Thestreet) -- Global market indices lost ground last week because of Japan's crisis. Among emerging-market indices, only Brazil's Bovespa edged higher, gaining 0.3%. Others, such as India's Nifty and China's Shanghai Composite Index declined. The Nifty was down 3.1%, and the Shanghai Composite lost 0.9%. At the end of the week, the Dow Jones and the S&P 500 had declined 1.5% and 1.9%, respectively.
China: Winners and Losers
China Architectural Engineering(CAEID) topped the gainers' list, rising 14.7% last week.
A-Power Energy Generation Systems(APWR) followed, advancing 12.6%. The company recently signed a $30.5 million contract with Guangchao Biomass Power Generation to develop a biomass power generation plant consisting of two 15 MW power generation units. The project's in-service date is mid-2012.
Longtop Financial Technologies(LFT) rose 10% after Deutsche Bank reaffirmed its buy rating on the stock with a price target of $45. The company recently announced a share repurchase program to buy up to $50 million in total value. Longtop has also entered into a definitive agreement to acquire 100% of FNDSoft, a provider of core insurance solutions for property insurance companies in China.
China's solar stocks continued to rise, benefiting from events in Japan. Industry analysts believe that with the rising capital costs of building new nuclear reactors, natural gas and renewable sources like solar and wind will find favor.
Among solar stocks,
Yingli Green Energy Holdings(YGE) saw the biggest gains, rising 9.8%.
Trina Solar(TSL) rose 9.6% past week. The latter company's CEO recently said that the nuclear crisis in Japan has positive implications for the solar industry, because solar power is safe and environmentally friendly.
LDK Solar(LDK) increased 7.8% last week. The company recently unveiled plans to expand its wafer capacity to 4 gigawatts by the end of 2011, driven by strong demand and pricing stability. In its latest quarterly earnings, LDK reported a 202.3% increase in total revenue and swung to net income of $145.2 million, vs. a net loss of $16.1 million in the year-ago quarter.