NEW YORK ( TheStreet) -- Markets across the world have been in doldrums this week driven by the euro-zone debt crisis and uncertainty over trading errors in the U.S. As on close Thursday, the S&P 500 was down 6.5%, Dow Jones was down 5.8%, China's Shanghai Composite lost 6.3%, India's Nifty is down 4.9% while Brazil's Bovespa is down 6.7%.While stocks across sectors and geographies have been on a decline, four emerging market ADRs, surprisingly, have generated positive returns this week. Spreadtrum Communications ( SPRD), a fabless semiconductor company that designs, develops and markets baseband processor solutions for the wireless communications market in China, has gained 7.9% during the past one week and is currently trading at $7.27. With no fundamental news flow on the stock this week, this price rise can be attributed to technical factors. Average trading volumes this week was 811,692 shares, more than double the 1-year average of 331,624 shares. During the last month, Bank of America ( BAC), Merrill Lynch, HSBC ( HBC) and Auriga have rated the stock a buy with price targets of $8.0, $8.5 and $8.0, respectively. Deswell Industries ( DSWL), a Chinese manufacturer of injection-molded plastic parts and components, electronic products and subassemblies and metallic molds and accessory parts for OEMs and contract manufacturers, has gained 3.3% last week and is currently trading at $4.88. Average volumes are up 50% at 36,649 shares this week compared to the one-year average of 24,267. Ninetowns Internet Technology ( NINE), a software company that enables enterprises and trade-related People's Republic of China government agencies to streamline the import/export process in China, has gained 3.0% in the past one week and is currently trading at $1.69.
The other gainer this week is India's Patni Computer Systems ( PTI) which develops software and provides information technology services and business solutions. The stock is up 3.6% this week on reports that the company is mulling a majority stake sale potentially worth $1 billion. Potential suitors include Japan's NTT Data Corp, Fujitsu and the IT arm of India's Larsen and Toubro. Last week, the company reported a two-fold jump in its net profit to $33.3 million for the first quarter of 2010, on revenue growth of 10.0% year over year to $172.31 million. Among the significant ADR losers this week was Chinaâ¿¿s solar energy pack. Stocks including, Solarfun Power Holdings ( SOLF), LDK Solar ( LDK) and Trina Solar ( TSL) lost 23.1%, 24.6% and 26.1%, respectively.