NEW YORK ( TheStreet) -- Global markets ended in red last week amid concerns that Greece may exit the euro zone, fuelling negative market sentiment. In addition, benchmark indices in emerging markets retreated last week, as commodity stocks plunged on declining crude and metal prices.India's Nifty witnessed the highest drop of 2.9%, followed by Brazil's Bovespa, down 2.6%. Meanwhile, China's Shanghai Composite Index narrowed 1.3%. Furthermore, the downslide in the S&P 500 and the Dow Jones was 1.7% and 1.3%, respectively, beleaguered by rising unemployment claims. China: Winners and Losers Orsus Xelent Technologies ( ORS), from the communication equipment industry, was the top gainer last week, jumping 128.8%. Among others, telecom company China Techfaith Wireless Communication Technology ( CNTF) rose 9.4% at close last week. Besides, 51job ( JOBS) advanced 13.8%. Last week, the company reported total revenue of $49.6 million, increasing 27.5% year-over-year. Also, net income increased 77.9% to $15.5 million for the same period. AsiaInfo-Linkage ( ASIA) gained 6.8% at close last week after Jefferies initiated coverage on the stock with a buy rating and forecast 41% upside in the stock's value from current levels. Airline stocks, China Eastern Airlines ( CEA) and China Southern Airlines ( ZNH) were up 6.5% and 3.3% respectively. China Metro Rural Holdings ( CNR) emerged major loser at close last week, declining 33.7%. GigaMedia ( GIGM) rose 15.4% after the company announced disappointing full year 2010 results -- revenues plunged 59%, while gross profit dropped to $43.6 million from $122.7 million in 2009. Solar stocks LDK Solar ( LDK), JA Solar Holdings ( JASO), Canadian Solar ( CSIQ) and Yingli Green Energy Holdings ( YGE) slumped 10.7%, 10.1%, 9.7% and 8.6%, respectively. Among others, oil stocks like PetroChina Company ( PTR) and CNOOC ( CEO), erased 7.3% and 7.1%, respectively, as oil prices fell last week. India: Winners and Losers Emerging as the sole gainer at the end of the past week, iGATE ( IGTE) gained 4.7%. Last week, the company recorded a 54% increase in its net income to $17.9 million from the year-ago period. Revenues rose 31% to $75.8 million for the period. During the quarter, the company added four new customers. Stocks in the computer services industry such as Sify Technologies ( SIFY) and Rediff.com ( REDF) slipped 23.2% and 8.9%, respectively, last week. Mahanagar Telephone Nigam ( MTE) decreased 8.3% at close last week. The company announced last week its plans to shelve the roll out of Wimax services on the broadband wireless access spectrum it was allotted two years ago after failing to find a franchise partner. Additionally, Sterlite Industries India ( SLT) dropped 7.9%.
Cognizant Technology Solutions ( CTSH) dipped 7.4% last week. Analysts at Piper Jaffray reaffirmed an overweight rating on the stock last week. Tata Communications ( TCL) eroded 7.4% in value at the end of the past week. Dr. Reddy's Laboratories ( RDY) slipped 6.4% after a U.S. drug maker, The Medicines Company, sued Reddy's alleging patent infringement for manufacture of generic bivalirudin. Banking Stocks ICICI Bank ( IBN) and HDFC Bank ( HDB) declined 4.6% and 4.4% at close last week. India's central bank raised its key policy rate by half a percentage point to 7.25% last week, aimed at taming inflation. Consequently, this move could affect banks' profitability and render home and auto loans costlier. Following the rate hike, carmaker Tata Motors ( TTM) fell 4.3% at the end of last week. Brazil: Winners and Losers Embraer ( ERJ) topped the advancers' list, gaining 3.4% after its first quarter results beat estimates. Earnings per share increased to 58 cents from 13 cents in the year-ago quarter, while revenue escalated 6.4% for the same period. For 2011, the company reaffirmed its revenue guidance to touch $5.6 billion while EBIT came in at $420 million. TAM ( TAM) was up 2.8% at close last week after the company announced its partnership agreement with Princesa do Agreste, an interstate bus company that operates in 29 cities of Ceara, Pernambuco and Piaui. This will enable the company to offer its air tickets through Princesa do Agreste's sales counters. CPFL Energia ( CPL) edged 1.1% higher last week. Companhia de Saneamento Basico do Estado de Sao Paulo-SABESP ( SBS) inched up 0.9% during the last week. Companhia de Bebidas das Americas-AmBev ( ABV) rose 0.7% after the company recorded positive first quarter results. Net sales for the quarter increased 7.2% to $3.8 billion from the year-ago quarter while earnings per share were up 25.7% to 33 cents. Meanwhile, Fitch upgraded its local currency and foreign currency long-term Issuer Default Rating to 'A-' from 'BBB' with a positive outlook. TIM Participacoes ( TSU) advanced 0.5% after the company recorded a 14% increase in its revenue. Also, net income tripled to $135 million from the year-ago period. Also, the company's subscriber base widened 24.7% during the same period. Gerdau ( GGB) emerged top loser at close last week, erasing 11.2%. The company's first quarter 2011 net income dropped 29% year-over-year to $246.4 million, mainly dented by higher cost of sales and operating expenses.
Gafisa ( GFA) shed 10% past week. Furthermore, steel company Companhia Siderurgica Nacional (CSN) ( SID) dropped 9.3% after the company missed its first-quarter net income estimate. CSN reported net income of $390 million for the quarter as compared to $470 million estimated by four analysts in a Reuters' poll. Energy stocks Petroleo Brasileiro ( PBR) and Ultrapar Participacoes ( UGP) shed 8.0% and 3.7%, respectively, as declining fuel demand pressured oil prices. Basic material stocks Braskem ( BAK) and Vale ( VALE) dipped 7.8% and 7.1%, respectively, last week.