5 Emerging-Market ADRs Outperforming Indices
NEW YORK (TheStreet) -- Global indices registered losses last week on unfavorable economic data. Brazil's benchmark Bovespa was the top decliner among emerging markets, shedding 2.6%. China's Shanghai Composite Index followed, easing 1%, while India's Nifty fell 0.8%. The S&P 500 and the Dow Jones dipped 2.2% and 1.6%, respectively, as U.S. jobless claims edged higher than expected.
For the week ended June 8, data compiled by international fund tracking firm EPFR showed that investors, wary of high inflation and global economic growth, pulled out $220 million from emerging-market equity funds. Stocks on the emerging-market indices declined with central banks raising interest rates despite a slowdown in global economic growth.
Brazil's retail sales dropped 0.2% in April from March levels, for the first time in a year. Additionally, consumer prices in Brazil increased 0.47% in May, the slowest pace since Sept. 2010. BRF Brasil Foods (BRFS) and Gol Linhas Aereas Inteligentes (GOL) were among the major losers, sinking 11.7% and 10%, respectively.
On the Shanghai Composite Index, China Medical Technologies (CMED) and SINA (SINA) were among the major decliners, plunging 23% and 20%, respectively. Meanwhile, Rediff.com India (REDF) and Sify Technologies (SIFY) on India's Nifty index were the top losers, relinquishing 20% and 16.4%, respectively.These five stocks from India and China accumulated gains in the past week despite losses on global indices.
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