NEW YORK ( Thestreet) -- Major global indices eroded value or remained relatively flat last week, except China's Shanghai Composite Index, which rose 4.2%. The slippage in India's Nifty and Brazil's Bovespa was 1.7% and 0.8%, respectively. At close last week, the Dow Jones edged up 0.03%, while the S&P 500 fell 0.3%.China: Winners and Losers American Oriental Bioengineering ( AOB) emerged major gainer last week, increasing 24.7%. TheStreet Ratings recommends a hold on the stock, based on the company's strong financial position. China Automotive Systems ( CAAS) accumulated 21.6% last week after reporting 20% increase in fourth quarter revenue to $100.5 million, topping analysts' estimate of $90 million. For full year 2010, the company recorded 35.3% and 58.1% increase in total revenue and income from operations to $345.9 million and $54 million respectively. For 2011, the company estimates revenue to grow by 20%. China Shen Zhou Mining & Resources ( SHZ) added 18.7%. Shares of rare earth metal companies rebounded during the past week after Colorado Congressman Mike Coffman introduced the Rare Earth Supply-Chain Technology and Resource Transformation (RESTART) Act of 2011. This action will create another government department that will revitalize a vital industry. New Oriental Education & Technology Group ( EDU) rose 14% after Goldman Sachs upgraded the stock to conviction buy from its earlier neutral rating. Perfect World ( PWRD) and Spreadtrum Communications ( SPRD) were up 13% and 11.6% last week, respectively. Internet stocks, Ctrip.com International ( CTRP), Sina ( SINA), Sohu.com ( SOHU) and NetEase.com ( NTES) gained 9.7%, 7.1%, 6% and 4.5% respectively. Leading the pack of losers, Duoyuan Global Water ( DGW) plunged 41.3%, as investigations into possible breaches of fiduciary duty and other violations by some officers and directors at Duoyuan began last week. New Oriental Energy & Chemical ( NOEC)followed, declining 27.1%. Biotechnology stocks Sinovac Biotech ( SVA) and 3SBio ( SSRX) fell 7.3% and 6.0% last week, respectively. Zacks Investment Research has downgraded Sinovac to underperform from the earlier neutral rating. Alternative energy stocks such as China Technology Development Group ( CTDC) and Gushan Environmental Energy ( GU) shed 9.3% and 8% last week, respectively. India: Winners and Losers Sify Technologies ( SIFY) emerged top gainer at close last week, up 15.6%. Last week, an analyst at smallcapinvestor.com said Sify is poised for long-term growth based on the company initiatives like foraying into new geographies and remarkable growth in the industry. Snapping it earlier week's losses, Syntel ( SYNT) accumulated 4.8%. Rediff.com ( REDF) gained 3.1% last week. Tata Communications ( TCL) rose 1.8% at close last week. Marking the industry's first fully synchronized virtual global arts program, Cisco, National Dance Institute, and Tata Communications collaborated to allow NDI to conduct synchronized virtual global arts programs via its telepresence environment -- connecting children from all over the world.
Sterlite Industries India ( SLT) edged up 1.1%. The company recently reported 19% year-over-year increase for its fourth quarter mined metal production to 194,000 tons, led by higher contributions from Rampura Agucha and Sindesar Khurd mines. Also, zinc production was up 29% during the same quarter. WNS Holdings ( WNS) was at the helm of losers, declining 3.5%. The company is scheduled to release its fourth quarter and full-year results on April 20, 2011. iGATE ( IGTE) slipped 3.2% at close last week. The company plans to offer senior notes of $770 million in principal amount to partially fund its pending Patni acquisition. Cognizant Technology Solutions ( CTSH) dipped 2.6%. The company is likely to report its first quarter 2011 earnings on May 3. 2011 before the market opens. ICICI Bank ( IBN) eroded 1.6% value last week. However, leading a consortium of 13 other lenders, the bank acquired 23.37% stake in Kingfisher, declining the founder shareholders' stakes to 58.61% from 66.28%. Infosys Technologies ( INFY) fell 1.4%. Brazil: Winners and Losers Ultrapar Participacoes ( UGP) topped the advancers' list with gains of 6.2% at the end of the past week. Subsequent to the company unveiling its plans to convert all its shares into voting stock, UGP shares ramped up gains. Meanwhile, as per the company's filing, shareholders will receive one voting share for each preferred share after BMF & Bovespa approve the company's request to be listed on the Novo Mercado - a section of the Sao Paulo exchange with stricter requirements for disclosure. Gafisa ( GFA) increased 6.0% after Zacks Investment Research upgraded the company's shares to neutral from the earlier underperform. Major telecom player, Brasil Telecom ( BTM) accumulated 5.1% last week. Petrochemical company, Braskem ( BAK) gained 4.0% at close last week. The company announced last week to add capacity for PVC and polyethylene by 2015. PVC expansion will be through a capacity addition of more than 400 million pounds in Brazil during the first half of 2012. Polyethylene addition is through a larger joint venture project between Braskem and Mexican petrochemicals maker IDESA, which will result in more than 2 billion pounds of capacity each for PE and ethylene feedstock. Communications service providers TIM Participacoes ( TSU) and Tele Norte Leste Participacoes ( TNE) gained 3.7% and 3.6% during the past week. Reversing the prior week's losses, Net Servicos de Comunicacao ( NETC) gained 3.3%. Centrais Eletricas Brasileiras SA (Eletrobras) ( EBR) edged 3.2% higher. Last week, Fitch upgraded its foreign currency IDR to BBB with a stable outlook from the earlier BBB-.
TAM ( TAM) emerged major loser last week, down 3.8% as rising fuel costs hit major airlines. However, last week, the company declared BRL 1.16 per share dividend payable April 13, 2011. Another airline stock, Gol Linhas Aereas Inteligentes ( GOL) erased 2.4%. Vivo Participacoes ( VIV) fell 3.6%. Meanwhile, the company went ex-dividend on April 6, 2011 with shareholders eligible for $3.15 per share dividend. Furthermore, Embraer ( ERJ) shed 2.7% during the past week