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Asian markets advanced Wednesday following cues from the U.S. markets after the Federal Reserve cut its key interest rate by 75 basis points, sparking a huge rally on Wall Street. On Wednesday, China's Shanghai Composite Index rose 92.71 points, or 2.53%, at 3,761.61. Shares in Hong Kong advanced with the Hang Seng Index closed up 482.33 points, or 1.4%, to 21,866.94, rebounding from Monday's 1000-plus point decline.

Also helping shares in China's mainland was a rumor that the government might intervene in the falling market by cutting the stock stamp duty. The rumor wasn't confirmed among the trading community and the government wasn't offering up any comments on the situation.

China's premiere advertising company

Focus Media

( FMCN) reported fourth-quarter earnings of $68 million, or 52 cents a share, vs. Wall Street estimates of 48 cents a share. Total revenue jumped 171% to $184.6 million, vs. $68 million a year ago. The company said the strong results were due to strong Internet ad revenue and a rise in digital out-of-home ad revenue. Focus Media forecasted full-year revenue to come in between the range of $900 million to $930 million and adjusted earnings between $280 million and $300 million, or $2.06 to $2.21 per share. Wall Street estimates are for revenue of $832.9 million and a per-share profit of $2.08 for the year. Despite the strong results Wall Street sold the stock off 11% Wednesday to $33.22 on more than 5 times average daily volume.

Chinese financial media company

Xinhua Finance Media

( XFML) ripped 34% higher after the company announced that two of its Fortune China financial TV programs, "Fortune China Weekly" and "Fortune Celebrity" have expanded landing coverage to a total of 80 terrestrial TV channels across 24 of China's 31 provinces. ADR shares of XFML finished up 69 cents at $2.71 on heavy volume.

China's leading mobile phone carrier

China Mobile

(CHL) - Get China Mobile Ltd. Report

reported a 31% rise in fourth-quarter net profits due to strong growth from new customer acquisitions and new business and airtime usage. Full-year profits jumped 32% to 87.1 billion yuan and sales climbed 21% to 357 billion yuan. The company also announced plans to pay a full-year dividend of 1.997 Hong Kong dollars a share for 2007, up from 1.383 HK dollars for the prior year, and a special dividend of 10.1 HK cents. ADR shares of CHL finished 6% lower to $67.21.

Advancing Wednesday were shares of retail drugstore chain

China Nepstar Chain Drugstore


. The largest drugstore chain in China reported a 231.5% rise in fourth-quarter income and a 141.1% rise in operating income. Gross margins for the fourth quarter jumped 48.5% compared with 38% for 2006. ADR shares for NPD advanced 2% to $11.53 on twice the average trading volume.

TheStreet Recommends

Leading the decliners among Chinese ADRs Wednesday were

(NTES) - Get NetEase Inc. Report

, falling 13% to $16.25;

(BIDU) - Get Baidu Inc. Report

, dropping 10% to $220.21;

China Southern Airlines

(ZNH) - Get China Southern Airlines Co. Ltd. Report

, losing 9% to $35.07; and

Guangshen Railway

(GSH) - Get Guangshen Railway Co. Ltd. Report

, finishing lower by 9% to $25.41.

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.

India Recap

Indian markets couldn't hold a nearly 500-point up open Wednesday as volatility in the Far East continued to eat away at equity gains. Heavy selling pressure hit the region as traders were quick to lock in profits ahead of a long weekend. Indian markets will be closed on Thursday and Friday. The Bombay Stock Exchange Sensitive Index closed up 161 points, or 1.1%, at 14,994.83.

Investors in the Far East will be keeping a very close eye on the proposed lifting of the six-year ban for short-selling stocks in India. The ban could be lifted as soon as April 21st, according to India's capital market regulator.

Indian telecommunications provider

Mahanagar Telephone Nigam


is reportedly in talks with potential buyers to offload a 50% stake in Sir Lankan-based telecom company


, according to the

Economic Times

. ADR shares of MTE sold off sharply by 6% to $4.88.

Indian auto maker

Tata Motors

(TTM) - Get Tata Motors Ltd. Report

announced it has secured a $3 billion banking facility for the purchase of luxury auto brands Jaguar and Land Rover from

Ford Motor

(F) - Get Ford Motor Company Report

. ADR shares of TTM finished down 0.9% at $15.91.

Some heavy losses were seen among Indian ADRs Wednesday, with

Tata Communications

( TCL) plunging 17% to $24.48,

Icici Bank

(IBN) - Get ICICI Bank Ltd. Report

losing 10% to $35.52,

The India Fund

(IFN) - Get The India Fund Inc. Report

dropping 8% to $41.92; and

Morgan Stanley India Investment Fund

(IIF) - Get Morgan Stanley India Investment Fund Inc. Report

finishing 7% lower to $35.75.

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.

For more on Asia, check out

Daniel Harrison's coverage



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