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.