Asian markets came under heavy selling pressure Wednesday after oil traded through $100 a barrel, fueling rising inflation concerns among investors. The Hang Seng Index fell 532 points, or 2.2%, to 23,509.58, and the Shanghai Composite dropped 97 points, or 2.1%, to 4,567.03.

Chinese alternative energy ADRs weren't shining bright on Wednesday after

Suntech Power

(STP)

forecasted first-quarter and full-year revenue below Wall Street expectations. Suntech forecasted first-quarter revenue of $370 million to $380 million, vs. expectations of $455 million and full-year revenue of $1.9 billion to $2.1 billion, below the $2.24 billion that Wall Street was looking for. Shares of STP were down sharply by 13% on over 7 times average trading volume. Suntech's tepid forecast also helped to take down

Trina Solar

(TSL)

by 6%,

LDK Solar

(LDK)

by 6% and

Solarfun Power

( SOLF) by 4.5%.

In the technology sector,

Sina

(SINA) - Get SINA Corp. Report

reported a 49% rise in quarterly profits off of strong advertising revenue growth as companies ramp up spending in front of the Beijing Olympics. The Chinese online media firm also forecasted first-quarter revenue to come in at $66 million to $68 million, vs. Wall Street estimates of $66 million. Shares of SINA spiked up 2.4% in after-hours trading on the news.

NetEase.com

(NTES) - Get NetEase, Inc. Sponsored ADR (NTES) Report

was another winner in the Chinese tech sector in after-hours trading. The company said fourth-quarter profits were $53 million, vs. $43.9 million from a year earlier due to a rise in Internet traffic to its Web sites. Shares of NTES were up 5% in after-hours trading.

Another disappointment among the Chinese ADRs was

Noah Education

(NED)

. Shares of Noah Education plunged 16% after the Chinese interactive education content developer forecasted net revenue for 2008 in the range of RMB680-690 million, or US$93-$94 million, which is below previously forecasted RMB720-730 million, or US$101-$102 million.

On the positive side Wednesday was

Shanda Interactive Entertainment

( SNDA). The Chinese interactive media firm entered into an agreement for an exclusive license with South Korea's

NCsoft Corp

to operate online war game Atrix in mainland China in 2009. Shares of SNDA traded up 3% on the news. Other notable advancers among Chinese ADRs were

KongZhong

(KONG)

, up 4.5%;

China Techfaith Wireless

(CNTF)

, gaining 3.2%; and

Melco PBL Entertainment

(MPEL)

, advancing 3%.

In the telecom space,

China Mobile

(CHL) - Get China Mobile Limited Sponsored ADR Report

gained 35 cents, or 0.5%, after the firm announced it set a record in January by adding 7.04 million mobile subscribers. Smaller rival

China Unicom

(CHU) - Get China Unicom (Hong Kong) Limited Sponsored ADR Report

added only 1.43 million mobile subscribers for January. Shares of CHU traded off 1%.

Be sure to check out the

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Far East Portfolio

at Stockpickr.com every night to find out which stocks in India and China are making big moves and announcing major news.

India Recap

India's Sensitive Index fell hard on Wednesday, dropping 458 points, or 2.5%, to 17,617.60 as investors fear higher commodity prices will likely accelerate inflation after crude oil traded over $100 a barrel.

The sharp decline in India's benchmark Index marked the largest drop in the region in over a week. While questions remain about the outlook for global growth and inflation many local observers still believe a pre-budget rally is in the cards for the Far East. India's Finance minister P Chidambaram will present the Union Budget on Feb. 29. "We are expecting a populous Budget from the UPA this year, so the question is whether it will be market friendly. If it is, we could see a change in sentiment in the immediate term at least," said Suresh Kumar Iyer, technical analyst at Asit C Mehta Investment Intermediates.

Some leaders among the Indian ADRs Wednesday were

HDFC Bank

(HDB) - Get HDFC Bank Limited Sponsored ADR Report

, up 1.3%;

Wipro

(WIT) - Get Wipro Limited Sponsored ADR Report

, up 1%; and

Dr. Reddy's Laboratories

(RDY) - Get Dr. Reddy's Laboratories Ltd. Sponsored ADR Report

, up 1%. The decliners were made up of

Sify Technologies

(SIFY) - Get Sify Technologies Limited Sponsored ADR Report

, down 3%, and

Rediff.com

(REDF)

, down 2.3%.

Among Indian technology stocks,

Satyam

( SAY) announced plans to build its strategic relationship with

Microsoft

(MSFT) - Get Microsoft Corporation (MSFT) Report

. The plan includes setting up a center in Hyderabad, which will deliver futuristic solutions using the best Microsoft technologies, according to

The Economic Times

. Shares of SAY rose 9 cents, or 0.3%, Wednesday.

Infosys Technologies

(INFY) - Get Infosys Limited Sponsored ADR Report

launched an upgraded version of their universal banking solution software Finacle.

The Economic Times

reported that Finacle 10 will include Islamic banking, wealth management and mobile banking solutions. Shares of INFY were up 20 cents, or 0.5%.

According to a

BusinessWeek.com

article,

Tata Motors

(TTM) - Get Tata Motors Limited Sponsored ADR Report

is the front-runner for the purchase of

Ford Motor's

(F) - Get Ford Motor Company Report

Jaguar-Rover brands for a possible price of $1 billion. The Indian automaker also said it's on track to introduce the $2,500 Nano car by October. Shares of TTM traded off by 2.3%.

Be sure to check out the

Far East Portfolio

at Stockpickr.com every night to find out which stocks in India and China are making big moves and announcing major news.

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