NEW YORK (Thestreet) -- Global market indices lost ground last week because of Japan's crisis. Among emerging-market indices, only Brazil's Bovespa edged higher, gaining 0.3%. Others, such as India's Nifty and China's Shanghai Composite Index declined. The Nifty was down 3.1%, and the Shanghai Composite lost 0.9%. At the end of the week, the Dow Jones and the S&P 500 had declined 1.5% and 1.9%, respectively.
Suntech Power Holdings ( STP) rallied 6.2% higher after the company upgraded its outlook in light of the recent events in Japan. From the earlier estimate of 270 megawatts, the company now expects to reach 450 megawatts of component shipments for utility and power applications by 2013. American Oriental Bioengineering ( AOB) headed the losers' list, falling 26.2% last week. China Sky One Medical ( CSKI) slumped 24.9% after it reported a 10.2% drop in its fourth-quarter revenue following the termination of business relationships with a domestic distributor and an overseas sales agent in the third quarter. Fuqi International ( FUQI) and China Shen Zhou Mining & Resources ( SHZ) plunged 23.3% and 17.5%, respectively. Meanwhile, airline stocks face a major slowdown in the short term on mounting flight cancellations to Japan over fears of radiation contamination. China Southern Airlines ( SHZ) and China Eastern Airlines ( CEA) were down 14.3% and 13.0%, respectively. Among other stocks, software names Changyou.com ( CYOU) lost 11.9%, Shanda Games ( GAME) declined 11% and CDC Software ( CDCS) slid 10.8%. India: Winners and Losers Sify Technologies ( SIFY) led the advancers' list with gains of 6.9%. The company recently entered into a partnership with Saudi Telecom, the largest telecom provider in the Middle East and North Africa region (MENA). WNS Holdings ( WNS) followed, rising 2.5%. During the past week, Star Alliance appointed WNS as preferred vendor to perform audit and revenue protection services for its member airlines. WNS will provide its Web-based service VerifareTM. Tata Communications ( TCL) and HDFC Bank ( HDB) rose 0.4% each last week, while Patni Computers ( PTI) edged 0.3% higher. Rediff.com ( REDF) was at the helm of the losers, dropping 6.4% during the past week. Infosys Technologies ( INFY) erased 4.4%. Last week, the company recalled more than 200 employees from Japan, affirming at the same time that it will not shut down its operations there. Wipro ( WIT) lost 3.5% last week. The company said that it would take the company and the industry another year to return to the prerecession 40% annual revenue growth levels. Growth is likely to arise from sectors like health care, pharmaceuticals, utilities and retail. Syntel ( SYNT) declined 3.4% during the past week.
Cognizant Technology Solutions ( CTSH) dipped 2.9%. The company declared a 200% bonus payment for the year ended December 2010 for its top-performing employees, while the average bonus payment for the year was 165%. Among others, Dr. Reddy's Laboratories ( RDY) and Tata Motors ( TTM) lost 2.8% each last week. Brazil: Winners and Losers Companhia Brasileira De Distribuicao ( CBD) headed the gainers' list last week, adding 3.6%. Brasil Telecom ( BTM) accumulated 2.9% after Fitch Ratings upgraded the company's $200 million notes to BBB from BBB- and revised its outlook to stable from positive. Companhia de Saneamento Basico do Estado de Sao Paulo-SABESP ( SBS) gained 2.2% after Standpoint Research upgraded its rating from hold to accumulate with a price target of $65. Brazilian airline Gol Linhas Aereas Inteligentes ( GOL) notched a 1.9% gain. It was revealed last week that Gol emerged the country's leading carrier in terms of local market share in February. Gol's domestic market share stood at 39.77%, compared with TAM's ( TAM) 39.59%. Embraer ( ERJ) was up 1.9% after the company approved the distribution of a dividend payment of $26 million in the form of interest on capital. Banking stocks Banco Bradesco ( BBD) and Itaú Unibanco Holding ( ITUB) rose 1.6% and 0.9%, respectively. Last week, Banco Bradesco approved the payment of a monthly dividend of $0.007 per ordinary share and $0.008 per preferred share for April, payable May 2. Heading the losers' list was major airline TAM, which declined 8.4% last week. The Chilean regulator announced that it would probe the proposed merger of LAN-TAM after a consumer group Conadecus filed a petition to the antitrust tribunal. Net Servicos de Comunicacao ( NETC) slumped 7.5%. Telecom operator Vivo Participacoes ( VIV) followed, shedding 4.1%. Last week, Telefonica purchased $760 million worth, or 10.63 million shares of Vivo stock, from minority shareholders, or 70% less than its target bid of 15.22 million shares. Companhia de Bebidas das Americas-AmBev ( ABV) shed 3.6%. However, as the third-largest brewer in Latin America, ABV plans to invest $1.5 billion in 2011 on capacity expansion. Morgan Stanley raised the company's 2011 EPS estimate to $1.64 from $1.56 and the 2012 estimate to $1.82 from $1.70. Companhia Paranaense de Energia - COPEL ( ELP) dipped 2.6% past week. However, Zacks Investment Research upgraded COPEL to outperform from neutral with a price target of $32.