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India's rupee saw its biggest gain in four months helping to take up shares of the top exporters in the region. The rupee has been experiencing heavy selling pressure recently, but the currency climbed on Thursday off of a strong dollar-based inflow report from India's stock market regulator. The report showed that foreign funds purchased $392 million of Indian equities on Tuesday.

India's Sensitive Index rebounded Thursday, rising by 117 points, or 0.7%, to 17,734.68.

Leading the way for Indian ADRs were technology issues like

Patni Computer Systems

(PTI) - Get Free Report

. The Indian IT firm said it expects to double revenues from Japan within the next three years, according to Shares of PTI traded up 2.5%.

Infosys Technologies

(INFY) - Get Free Report

advanced 1% Thursday after the IT firm said its Latin American subsidiary is now open for business. Indian software firm


(WIT) - Get Free Report

traded up 1.3% Thursday after the company announced the launch of its global service management center in Malaysia. reported that the center will focus on management of such areas as data centers, networks, call center technology and business services as well as end-user support services.

The Indian banking sector was in play Thursday as investor speculation hit the group. Rumors were making the rounds that


(HDB) - Get Free Report

is looking to acquire

Centurion Bank of Punjab

in an all-stock deal. The

Economic Times

reported that executives from the banks could meet on Saturday to discuss the deal. Shares of HDB fell 2%, and rival


(IBN) - Get Free Report

traded off 3%.

Other Indian ADRs out of favor Thursday included

Tata Communications

( TCL), down 5%;

Mahanagar Telephone Nigam


, off 4%; and


, lower by 2.3%.

Be sure to check out the

Far East Portfolio

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

China Recap

Chinese stocks put in a second day of losses on Thursday, as investors grew worried that increased liquidity from some proposed secondary offerings would flood the market with too much supply.

"More and more large companies are raising money via different means and this is weighing heavily on a market already plagued by concerns over a slowdown in the global economy," said Wang Junqing, an analyst at Guosen Securities.

The Hang Seng Index dropped 32.42 points, or 0.1%, to 23,623.00 and the Shanghai Composite declined 39.84 points, or 0.9%, to 4,527.18.

Shares of


( SSRX) hit an all-time low on Thursday after the Chinese biotech firm reported lower-than-expected fourth-quarter earnings and issued 2008 revenue guidance below analyst estimates. 3Sbio said revenues for 2008 will likely come in between the range of $30 million and $32 million, vs. Wall Street estimates of $35.5 million. Pacific Growth analyst Kimberly Lee lowered her price target to $15 from $22, but did keep her buy rating on the stock. Shares of SSRX plunged by 28% on 8 times average trading volume.

Another loser among Chinese ADRs Thursday was

Giant Interactive Group


. The online game developer and operator reported a 15% rise in fourth-quarter net profit and 364% rise in full-year 2007 net income. The strong numbers were overshadowed by the firm's in-line guidance for first-quarter 2008 revenue. Giant Interactive expects first-quarter 2008 revenues to land in the range of $62 million to $63 million, vs. Wall Street estimates of $58 million to $63 million. Shares of GA fell 3% on the news.

Shares of Chinese online gaming firm

(NTES) - Get Free Report

rose 10% Thursday after the firm reported a 50% rise in fourth-quarter profits. The stock was also helped by two price target increases from analysts at Citigroup and Goldman Sachs.

Also hot were shares of

Longtop Financial Technologies

( LFT) and

China Finance Online

(JRJC) - Get Free Report

, which traded up 13% and 11% respectively. Both stocks were trading up in front of their earnings reports, with LFT set to report Thursday night and JRJC due out with earnings next week.

The Wall Street Journal

reported that China might be close to announcing details of its telecommunications restructuring plans. Plans could include the consolidation of China's state-run telecom firms and the issuing of licenses for advanced third-generation cellular services. Chinese telecom stocks traded down on the news with

China Unicom

(CHU) - Get Free Report

falling 4%,

China Mobile

(CHL) - Get Free Report

down 2%,

China Netcom Group

(CN) - Get Free Report

off 3% and

China Telecom

(CHA) - Get Free Report

down 4%.

Be sure to check out the

Far East Portfolio

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

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