NEW YORK ( TheStreet) -- Shanghai Composite Index has gained 6.1% during the past week on news that the government is planning to levy a real-estate tax on home-owners in some Chinese cities not before 2012.

Other gainers include India's Nifty Index which is up 1.2% and Brazil's Bovespa up 3.6%. Moreover, S&P 500 and Dow Jones are down 2.3% and 0.4%, respectively.

Few emerging market ADRs have outperformed both domestic and foreign bourses. Among China ADR gainers, HSW International ( HSWI) soared 18.9% during the past one week.

The online publishing company signed a new content distribution and branding agreement with internet portal and gaming company ( NTES) for its BoWenWang Website, thereby exposing its content to millions of Chinese viewers. HSW zoomed 100% in trade on July 14.

Solar stocks, China Sunergy ( CSUN), Trina Solar ( TSL), and Solarfun Power ( SOLF) gained 18.3%, 9.4%, and 9.4%, respectively.

China Sunergy was assigned a neutral rating by Barclays Capital with price target of $5, implying a 12% upside over current levels. Besides, Solarfun Power Holdings' subsidiary Jiangsu Linyang Solarfun obtained a $1 billion framework credit facility from Bank of China.

Chinacast Education ( CAST) is up 17.3%. On July 19, Roth Capital Partners assigned a buy rating to the stock with price target of $12, implying a 73% upside over current levels.

Airline stocks, China Southern Airlines ( ZNH), and China Eastern Airlines ( CEA) gained 12% and 11.6%, respectively. The stocks increased as the country's airline passenger traffic in June grew 23.2% year over year to 21.8 million passengers, the most in 10 months.

Casino and Gaming company Melco Crown Entertainment ( MPEL) increased 11.9%. On July 21, CLSA Asia Pacific Markets assigned a buy rating to the stock with price target of $5, representing a 21% upside over current levels.

Lastly, metals and mining majors, Yanzhou Coal Mining ( YZC), and Aluminum Corp of China ( ACH) gained 11.1% and 10.3%, respectively.

Among India ADR gainers, Syntel ( SYNT) was up 12.9%. On July 22, the company reported a 31% year over year growth in second quarter revenues to $130.6 million. Earnings increased 11% to 68 cents per share, topping analysts' estimates of 57 cents per share.

Metals company Sterlite Industries ( SLT) gained 7.3% as aluminum output during May increased 23.5% year over year, while IT firm iGate ( IGTE) was up 6.7%.

Among Brazil ADRs, mining majors CIA Siderurgica Nacional ( SID), Vale ( VALE), Gerdau SA ( GGB), and Rio Tinto ( RTP) gained 10.7%, 9.6%, 9.1% and 7.4%, respectively.
Karvy Global Services (, a subsidiary of the Karvy group (, provides specialized research in asset classes including stocks, mutual funds and insurance to leading Wall Street firms.

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