NEW YORK (TheStreet) -- Emerging-market indices eroded a significant portion of their value at the end of the past week, primarily due to a drop in commodity prices and growing speculations of interest rate increases by central banks. China's Shanghai Composite Index, eroded 3.3%, followed by India's Nifty and Brazil's Bovespa, declining 2.4% and 1.4%, respectively. On the flip side, the Dow Jones and S&P 500 closed 2.4% and 2.% higher as the Federal Reserve left rates unchanged to stimulate growth.China: Winners and Losers Ku6 Media ( KUTV) was the top gainer last week, jumping 39.6% after shareholders of Pipi.cn, a leading P2P Internet video platform in China agreed to sell all its shares to Ku6 in exchange of 2,212,114,257 Ku6 ordinary shares. Following the list was, Feihe International ( ADY) which escalated 19.2%. Software stocks, The9 Limited ( NCTY), ATA ( ATAI), CDC ( CHINA) and Yucheng Technologies ( YTEC) advanced 16.6%, 15.9%, 8.5% and 8.2% respectively at the end of last week. Acorn International ( ATV) gained 11.2% last week after the stock was upgraded by TheStreet Ratings from sell to hold. Telestone Technologies ( TSTC) was up 9.1% after the company's chairman announced the completion of his initial purchase of 100,000 shares at an average price of $6 a share. Internet stocks such as Sohu.com ( SOHU) and GigaMedia ( GIGM) rose 10.5% and 9.1%, respectively. Sohu last week reported a 35% increase in its revenues to $174.4 million while earnings per share stood at $1.13 beating consensus estimates of 96 cents per share. Meanwhile, GigaMedia is scheduled to release its fourth quarter and full year 2010 results on May 4 after market close. Significant demand from Europe for solar products is boosting the top line for Chinese solar companies. Also, Italy, the largest solar market in Europe, said that it will approve the support scheme for solar industry extending the current incentives until end of August. Following the news, solar stocks Yingli Green Energy Holdings ( YGE) and JA Solar Holdings ( JASO) added 8.1% and 7.7%, respectively. Leading the pack of losers, Orsus Xelent Technologies ( ORS) plunged 33.3% at close last week. Among others, China BAK Battery ( CBAK) and Harbin Electric ( HRBN) followed, declining 9.8% and 9.5% respectively. India: Winners and Losers Tata Communication ( TCL) surged 6.3%, emerging as the top gainer at the end of last week. Last week, the company launched its second International Gateway in Sri Lanka at the emerging IT Park, Orion City mainly to offer cutting-edge IP-leveraged solutions and also strengthen its 7-year presence in the country.
Following the list, Wipro ( WIT) gained 5.9% after it recorded a 14% increase in its fourth quarter profit. Also, led by increasing outsourcing demand consolidated revenue escalated 18.3%. Patni Computer Systems ( PTI) increased 5.1% subsequent to a 10.4% year-over-year increase in its first quarter sales. Tata Motors ( TTM) increased 2.5% at the end of the past week. The company recently revealed that total sales in April increased 13% to 64,383 autos. Meanwhile, Truck and bus sales for the month escalated 19% to 30,963 vehicles while exports grew 36% to 4,258 vehicles. HDFC Bank ( HDB) edged up 1.6%. During the last week, the bank was declared as the strongest bank competing against more than 50 banks across 13 countries in the Asia Pacific region by the Asian Banker Magazine. At the helm of the losers' pack, Rediff.com ( REDF) from the computer service industry, plunged 46%, while its peer Sify Technologies ( SIFY) was also down 27.9%. Syntel ( SYNT) eroded 4.8% after JP Morgan lowered the price target on the stock to $64 from the earlier $66. Dr. Reddy's Laboratories ( RDY) slipped 3.8%. WNS Holdings ( WNS) declined 2.4% at close last week, after Zacks Investment Research downgraded the stock to underperform from neutral. Brazil: Winners and Losers Companhia Energetica de Minas Gerais (CEMIG) ( CIG) led the gainers pack, ticking up 3.6%. Companhia de Bebidas das Americas - AmBev ( ABV) was up 2.5% at the end of last week. The company recently revealed its plans of increasing capital in the maximum amount of $336.4 million, through the private issuance of up to 7,246,641 new ordinary shares and up to 5,654,356 new preferred shares. Braskem ( BAK) edged up 2.3% last week. The company recently announced that it will distribute dividends for 2010 totaling ~ $423.7 million to ordinary and preference shareholders. The pay-outs will commence from May 10, 2011. Companhia Brasileira De Distribuicao ( CBD) increased 2.1% after the company went ex-dividend during the last week. BRF Brasil Foods ( BRFS) accumulated 1.7%. Last week, the stock was included in the four powerful buy stocks released by Zacks Investment Research. Major airlines TAM ( TAM) and Gol Linhas Aereas Inteligentes ( GOL) followed, increasing 1.7% and 1.6%, respectively. Communication services stock, Tele Norte Leste Participacoes ( TNE) was down 8.2%. The company recorded a net loss of $250 million as compared to a profit of $329.7 million in the year ago period. Also, revenue edged lower to $4.4 billion as compared to $4.7 billion in the year-ago quarter. Also, its peer Brasil Telecom ( BTM) was down 5.6%. Gafisa ( GFA) eroded 4.7% during the past week. Furthermore, utility stocks Centrais Eletricas Brasileiras SA (Eletrobras) ( EBR) and Companhia Paranaense de Energia - COPEL ( ELP) were down 4.2% and 3.3%, respectively. Among others, energy stocks Ultrapar Participacoes ( UGP) and Petroleo Brasileiro ( PBR) were down 2.5% and 2.3%, respectively.