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.

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