Wednesday's Asia ADR Recap
Indian markets broke a three-day losing streak Wednesday by finishing to the upside in another volatile trading session. The Bombay Stock Exchange Sensitive Index gave back almost 500 points from the day's highs to close up 123.78 points, or 0.8%, at 15,750.40.
"Everybody is assuming that the financial crisis is over. I think it's over," said Francis Lun, general manager at Fulbright Securities. "The
U.S. Federal Reserve
has used up almost its entire arsenal. But if anything bad happens again, I think the markets may crash."
Indian automobile maker
Tata Motors
(TTM) - Get Report
said it plans to list depositary receipts on the
Tokyo Stock Exchange
in an effort to raise more than 100 billion yen ($938 million) for acquisitions in Japan, according to the
Nikkei Daily
. American depositary shares of TTM closed essentially flat at $16.10.
Indian Internet and enterprise service provider
Sify Technologies
(SIFY) - Get Report
announced that the company plans to migrate its financial reporting to the International Financial Reporting Standards (IFRS). Sify had previously reported ITS financial results under US GAAP principles. "Our vision and standards have always been global, so it is fitting that Sify is taking the initiative to transit to globally followed accounting standards with our annual financial results statements as per IFRS," said M P Vijay Kumar, Sify's CFO. Shares of Sify fell 2% to $4.76.
In the Indian banking sector,
Icici Bank
(IBN) - Get Report
along with India's biggest utility vehicle manufacturer
Mahindra & Mahindra
announced they have purchased Italian gear manufacturer
Metalcastello
for a undisclosed amount, according to a regulatory filing. Shares of Icici finished down 4.2% at $39.45.
Be sure to check out the
at Stockpickr.com every night to find out which stocks in India and China are making big moves and announcing major news.
China Recap
Asian markets advanced Wednesday, responding strongly to global cues from market rallies in the U.S. and Japan. However, the rebound in China's mainland stock market was capped with China's Shanghai Composite Index rising 18.72 points, or 0.6%, to 3,347.88 after rising more than 4% during the trading session.
"There should have been a real rebound after the last two days' losses, especially since the main securities newspapers carried stories today saying the government will move to support the stock market," said Xu Zhiyuan, a analyst at Fuqiang Investment.
Analysts said the rally in Hong Kong was fueled by hopes the U.S. credit crisis could be near an end. The Hang Seng Index jumped 734.97 points, or 3.2%, to 23,872.43.
Leading Chinese search engine
Baidu.com
(BIDU) - Get Report
appointed former
Apple
(AAPL) - Get Report
China executive Peng Ye as its chief operating officer, effective April 25. Peng Ye served as country general manager overseeing business operations at Apple China. American depositary shares of Baidu rose 3% to $281.48.
Chinese integrated telecommunications provider
China Unicom
(CHU) - Get Report
was hit with a sell rating by Deutsche Bank, but the investment bank did raise its price target from HK$13.70 to HK$14.00. Deutsche said momentum for China Unicom will likely fade after the company completes its sale of its CDMA network to
China Telecom
(CHA) - Get Report
. On Tuesday China Telecom announced it had acquired state-owned
Beijing Telecom
for RMB5.6 billion. Shares of CHU dove 4.7% to $21.11, and CHA slid 3.3% to $63.68.
Deutsche Bank also upgraded Chinese mobile telecommunications company
China Mobile
(CHL) - Get Report
to a buy rating and set a price target of HK$143.20. Shares of CHL finished down by 1.1% at $79.02.
In the Chinese alternative energy sector,
Trina Solar
(TSL)
announced it has inked a eight-year polysilicon supply contract with a subsidiary of Chinese company
GCL Silicon Technology
. Financial details for the contract weren't disclosed, but GCL has agreed to supply Trina with 2,600 megawatts of solar modules for the eight-year duration of the deal at fixed prices. Shares of Trina rose sharply on news trading up 15% to $37.75.
News of the Trina deal, along with rising oil prices, helped to take up the entire Chinese solar sector complex with
Solarfun Power
( SOLF), trading up 18% to $14.55;
China Sunergy
(CSUN)
, rising 17% to $8.81;
Yingli Green Energy
(YGE)
, finishing 16% higher to $20.09;
Suntech Power
(STP)
, closing up 12% to $46.76;
JA Solar
(JASO)
, adding 7% to $20.20; and
LDK Solar
(LDK)
, ending up 9% at $30.09.
Rising crude oil prices hit the Chinese airline sector hard Wednesday. Shares of
China Southern Airlines
(ZNH) - Get Report
fell sharply by 7% to $38.35, and
China Eastern Airlines
(CEA) - Get Report
dove 5% to $50.11 after crude oil prices spiked up $3.81 to close at $104.79.
Be sure to check out the
at Stockpickr.com every night to find out which stocks in India and China are making big moves and announcing major news.
For more on Asia, check out
Daniel Harrison's coverage
at
TheStreet.com
.
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