NEW YORK (TheStreet) -- Global market indices recovered a fraction of losses during the past week as risk appetite returned subsequent to the progress made in resolving Japan's nuclear crisis. Among emerging market indices, India's Nifty posted the highest increase of 5.5%. China's Shanghai Composite Index followed rising 2.7%. Meanwhile, Brazil's Bovespa rose 1.3%. Furthermore, the Dow Jones and the S&P 500 advanced 3.1% and 2.7%, respectively.
China: Winners and Losers
China Shen Zhou Mining & Resources (SHZ) topped the gainers' list, rising 28.2% last week. TheStreet Ratings rate the stock a hold. Ku6 Media (KUTV) and GigaMedia (GIGM) followed increasing 26.9% and 25.7% last week, respectively.
Sina (SINA) surged 17.4% at close last week. Internet portal operator Sina dropped Google's search service from its website and will now use its own search technology, diminishing Google's market presence further in the country.Global Sources (GSOL) advanced 15.7%. In its recently reported quarterly results, revenue increased to $62.4 million from $54.9 million while net income stood at $9.5 million, compared to $8.6 million in the year-ago period. For the first half of 2011, the company estimates revenue in the range of $102.5 million to $103.5 million, 9%-10% year-over-year increase. Telecom stocks, Telestone Technologies (TSTC) and Qiao Xing Mobile Communication (QXM) were up 15.4% and 13.8%, respectively. Baidu (BIDU) rose 12% on reports of new product launches. The company revealed that it is planning to develop a mobile operating system and is testing web-browsing software for personal computers that will place it in direct competition with Microsoft's Internet Explorer and Google's Chrome. Further, Baidu is likely to gain after Beijing blocks Google's e-mail services. Airline stocks China Southern Airlines (ZNH) and China Eastern Airlines (CEA) were up 15% and 9% during the past week, respectively. Silvercorp Metals (SVM) gained 9.6% on rising silver prices. New Oriental Energy & Chemical (NOEC) headed the losers' list, down 23.8% during the past week. China Information Technology (CNIT) slumped 15.3% after the company reaffirmed its 2011 revenue guidance in the range of $165 and $187 million and net income in the range of $42 and $45 million. Auto Parts & Equipment stocks, China Automotive Systems (CAAS) and Wonder Auto Technology (WATG) fell 9.2% and 5.8% last week, respectively. Meanwhile, software stocks CDC Software (CDCS) and Longtop Financial Technologies (LFT) shed 9.7% and 6.2%, respectively.
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