NEW YORK (TheStreet) -- Global indices relinquished substantial gains last week on concerns of a slowdown in global economic growth. Brazil's Bovespa was the top decliner, shedding 1.8%. India's Nifty followed, easing 0.7%. Meanwhile, China's Shanghai Composite Index edged 0.6% lower. The S&P 500 and the Dow Jones dipped 0.2% and 0.3% last week, respectively, as consumer sentiment sagged to its lowest since March and retail sales witnessed the slowest pace in nine months.China: Winners and Losers Fuwei Films (Holding) ( FFHL) topped the gainers' list last week, jumping 25.5%. For the first quarter of 2011, the company reported net revenue of $26.8 million as compared to $13.6 million in the same period a year ago. Meanwhile, net income stood at $3.6 million, or 28 cents per share, as against $0.05 million, or $0.003, in first quarter of 2010. Semiconductor Manufacturing International ( SMI) advanced 17.5%. Last week, the company entered into a joint venture agreement with Hubei Science & Technology Investment Group to invest and manage Wuhan Xinxin Semiconductor Manufacturing Corporation's 12-inch wafer production line. Another semiconductor stock, Spreadtrum Communications ( SPRD) gained 3.7% last week. Among others, auto parts and equipment maker SORL Auto Parts ( SORL) and pharmaceutical company China Biotics ( CHBT) surged 16.5% and 15.7%, respectively, at close last week. Orsus Xelent Technologies ( ORS) reversed its previous week's gains, shedding 34.4%. Furthermore, China Metro Rural Holdings ( CNR) declined 22.8% at close last week. Sutor Technology Group ( SUTR) slipped 17.5% after reporting third quarter 2011 total revenue at $101.4 million last week, down 11.4% from the same quarter of the prior year. In addition, gross profit fell 7.5% to $8.6 million. Internet stocks Sina ( SINA), Sohu.com ( SOHU) and Baidu ( BIDU) slumped 14.6%, 11.3% and 7.1%, respectively. For the first quarter of 2011, Sina recorded net profit of $15 million, or 23 cents per share, from $24.4 million, or 37 cents per share. For the second quarter, the company forecasts revenue between $112 and $115 million, below the earlier guidance of $115 million, according to the consensus estimate of analysts' polled by Reuters. India: Winners and Losers Gaining for the second consecutive week, iGATE ( IGTE) accumulated 7%. The company announced the completion of the acquisition of Patni Computers last week. Senior Patni executives added that with this deal, the company would emerge as a leader by capability in two verticals and a significant player in at least three to four other verticals over the next three years.
Syntel ( SYNT) gained 4.5% last week after the company declared a regular quarterly dividend of 6 cents per share on its common stock, payable July 14, 2011. Dr. Reddy's Laboratories ( RDY) rose 3% at close last week. For the fourth quarter of 2011, the company recorded a 23% year-over-year increase in net revenue to $453 million. Adjusted profit after tax (PAT) for the quarter increased 57% to $69 million from the year-ago period. Meanwhile, for full year 2011, revenue and adjusted PAT rose 6% and 17% from 2010, respectively. Additionally, on news of Wipro ( WIT) acquiring a majority stake in Brazil-based R.K.M. Equipmentos Hidraulicos LTDA, a hydraulic cylinder manufacturer, Wipro gained 2% last week. The acquired entity will be a part of Wipro Infrastructure Engineering, thereby expanding customer base and opportunities in new equipment segments. Reversing its prior week's losses, Tata Motors ( TTM) recovered 1.3% last week after revealing that its global car sales were 87,114 units in April, rising 12% from the previous month. Sify Technologies ( SIFY) was the top loser last week. Patni Computer Systems ( PTI) followed, posting a 7.1% decline. Banking Stocks ICICI Bank ( IBN) and HDFC Bank ( HDB) wiped out 3.6% and 2.2%, respectively. HDFC bank announced to hike lending rates by 0.55% and deposit rates by 1.25% last week, in line with the market rate hikes. Among others, WNS Holdings ( WNS) and Tata Communications ( TCL) closed 2.3% and 2.0% lower, respectively. Brazil: Winners and Losers Braskem ( BAK) led the list of gainers', increasing 1.9% after the company reported positive results for 2011 first quarter. Net revenue was up 13% to $4.5 billion from the year-ago quarter. Meanwhile, net income multiplied several times to $186.5 million from $14.1 million in the year-ago period. Vivo Participacoes ( VIV) gained 1.5% at close last week, after first quarter 2011 net income tripled to almost $425.8 million from $106.6 million in the year-ago quarter. Revenue was up 13.7% to $2.9 billion for the same period. TAM ( TAM) accumulated 1.5%. Last week, the company entered into a code-share agreement with Spanair, which will enable both the airline companies to widen their destination range. Through this partnership, TAM intends to expand its international network in Europe.
Leading airline stock, Gol Linhas Aereas Inteligentes ( GOL) was the top loser last week, declining 6.2% despite recording highest demand growth in April - ever since it launched operations. Companhia de Bebidas das Americas-AmBev ( ABV) shed 4.9% last week, taking cues from the broader market trend. Brazil-based food retailer Companhia Brasileira De Distribuicao (CBD) ( CBD) and food processing stock BRF Brasil Foods ( BRFS) declined 4.9% and 4.0%, respectively. Data showed last week that food inflation would moderate in June, triggered by a drop in wholesale food prices. The downslide in telecom stocks Tele Norte Leste Participacoes ( TNE) and TIM Participacoes ( TSU) was 4.8% and 4.1% at close last week, respectively. Basic material stock Vale ( VALE) dipped 4.3% last week. Zambia raised the price of electricity for mining companies by almost 30% past week, which will fuel the operating costs of mining companies in Africa. Petroleo Brasileiro (Petrobras) ( PBR) shed 3.8% at close last week, after the Brazilian government announced its decision to pressure Petrobras to lower fuel prices by almost 10%, in a bid to tame inflation. Domestic fuel sales account for a little more than 40% of the company's annual revenue.