NEW YORK ( TheStreet) -- The S&P 500 Index gained 2.2% during this week, in comparison to the gains of 2.2% for Brazil's Bovespa, 2% for Dow Jones Industrial Average and 1.3% for India's Nifty Index. The Shanghai Composite Index gained 0.8%, the least among all indices as the country's July manufacturing Purchasing Managers Index expanded at the slowest pace in 17 months to stand at 51.2.Few emerging market ADRs have outperformed both domestic and foreign bourses. Among China ADR gainers, Guangzhou Global Telecom ( GZGT) escalated 25% during the past one week. Nam Tai Electronics ( NTE) was up 17.3% after the maker of electronic goods announced that its second-quarter sales increased 12% year-over-year and earnings per share stood at 7 cents. Meanwhile, China Biotics ( CHBT) accumulated 13.6% during the past week. The company is due to announce its quarterly results on Aug. 9, 2010. Analyst estimate earnings of 33 cents per share as against 13 cents recorded in the previous quarter. On Aug. 3, Roth Capital Partners assigned a buy rating to the stock with target price of $20 representing upside of 38%. Meanwhile, China Medical Technology ( CMED), and New Dragon Asia ( NWD) gained 13.1% and 12.1%, respectively. Other Chinese ADRs like China Sunergy ( CSUN) and Sina ( SINA) increased 9.5% and 8.7%, respectively. These two stocks were part of stock-picks for the earnings season. General Steel Holding ( GSI) was up 11% during the week after the company posted a 23% increase in its second quarter total revenue to $502 million, mainly due to an increase in shipment volume and average selling price for rebar. Additionally, net loss for the company narrowed drastically to $2.1 million as against the $31.8 million a year earlier. On Aug. 4, Hudson Securities upgraded the stock to hold. Chindex International ( CHDX) increased 10.5%. The company is due to announce its quarterly results on Aug. 9, 2010. Analyst estimate earnings per share to come in at 14 cents as compared to 4 cents recorded in the previous quarter. Among others, Silvercorp Metals ( SVM), and Vanceinfo Technologies ( VIT) gained 10.4% each. Among India ADRs, Cognizant Technology Solutions ( CTSH) was up 13.1% after the company announced that its quarterly revenue increased 41% to $1,105 million surpassing analyst estimates. Also, the company increased its full year revenue guidance to $4.46 billion from the earlier $4.1 billion. On Aug. 4, Deutsche Bank ( DB) assigned a buy rating to the stock with target price of $70 representing an upside of 14.8%. On the same day the stock touched its 52-week high at $61.6. A leading India bank, ICICI Bank ( IBN) gained 6.6%. Last week, the company reported an increase of 5.4% in its consolidated net profit for first quarter. The bank said that its corporate loan book grew 30% during the quarter and further expects loans to grow 15%-16% for the fiscal year
Among Brazil ADRs, NET Servicos de Comunicacao ( NETC), Tim Participacoes ( TSU), Petrolea Brasileiro ( PBR) and Braskem ( BAK) gained 23.2%, 12.3%, 8.6% and 7.5%, respectively. The world's fourth largest aircraft maker Empressa Brasileira de Aeronautica ( ERJ) increased 7.5% after the company reported second quarter results broadly in line with analyst expectations. Revenues stood at $1,354 million as against analyst estimation of $1,336 million. On Tuesday, Credit Suisse ( CS), JP Morgan ( JPM) and Banco Santander (Brasil) ( BSBR) upgraded the stock. In yesterday's trading session, the stock closed at its 52-week high of $27.1.