NEW YORK (
TheStreet) -- Emerging-market indices eroded a significant portion of their value at the end of the past week, primarily due to a drop in commodity prices and growing speculations of interest rate increases by central banks. China's
Shanghai Composite Index, eroded 3.3%, followed by India's
Nifty and Brazil's
Bovespa, declining 2.4% and 1.4%, respectively. On the flip side, the
Dow Jones and
S&P 500 closed 2.4% and 2.% higher as the Federal Reserve left rates unchanged to stimulate growth.
China: Winners and Losers
(KUTV) was the top gainer last week, jumping 39.6% after shareholders of Pipi.cn, a leading P2P Internet video platform in China agreed to sell all its shares to Ku6 in exchange of 2,212,114,257 Ku6 ordinary shares. Following the list was,
(ADY) which escalated 19.2%.
(NCTY - Get Report),
(ATAI - Get Report),
(YTEC) advanced 16.6%, 15.9%, 8.5% and 8.2% respectively at the end of last week.
gained 11.2% last week after the stock was upgraded by
from sell to hold.
was up 9.1% after the company's chairman announced the completion of his initial purchase of 100,000 shares at an average price of $6 a share.
Internet stocks such as
(SOHU - Get Report)
rose 10.5% and 9.1%, respectively. Sohu last week reported a 35% increase in its revenues to $174.4 million while earnings per share stood at $1.13 beating consensus estimates of 96 cents per share. Meanwhile, GigaMedia is scheduled to release its fourth quarter and full year 2010 results on May 4 after market close.
Significant demand from Europe for solar products is boosting the top line for Chinese solar companies. Also, Italy, the largest solar market in Europe, said that it will approve the support scheme for solar industry extending the current incentives until end of August. Following the news, solar stocks
Yingli Green Energy Holdings
JA Solar Holdings
added 8.1% and 7.7%, respectively.
Leading the pack of losers,
Orsus Xelent Technologies
plunged 33.3% at close last week. Among others,
China BAK Battery
followed, declining 9.8% and 9.5% respectively.
India: Winners and Losers
surged 6.3%, emerging as the top gainer at the end of last week. Last week, the company launched its second International Gateway in Sri Lanka at the emerging IT Park, Orion City mainly to offer cutting-edge IP-leveraged solutions and also strengthen its 7-year presence in the country.
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