NEW YORK ( TheStreet) --This past week, global indices came under pressure, weighed down by the ongoing economic fears, renewed concerns of a slowing global economy, and Europe's debt crisis. India's Nifty emerged major loser, dropping 5.3%, China's benchmark Shanghai Composite Index slipped 2.6%, while Brazil's Bovespa edged 0.4% lower, at close last week.

The S&P 500 and the Dow Jones Industrial Average extended losses for the third straight week with respective declines of 2.7% and 1.4%. For the week ended Aug. 13, 2011, jobless claims in the U.S. rose 9,000 to touch 408,000, while the monthly expectation gauge for Bloomberg Consumer Comfort Index dipped to minus 34, the weakest since March 2009.

According to data compiled by international fund tracking firm EPFR, emerging market equity funds recorded $2.8 billion in outflows for the week ended Aug. 17. The MSCI's emerging market index has tracked its developed-nation counterpart this year, losing 15%, as against an 11% dip in the MSCI World (MXWO) Index. As per data from Bloomberg, emerging market shares are trading at a P/E of 9.7 times, less than 11 times for the MSCI World Index.

India Winners & Losers

India's Nifty was the top decliner among emerging market indices last week, with only a single gainer, as global growth concerns dented investors' sentiment. Moreover, the Reserve Bank of India is expected to raise interest rates in September to tame the demand-led inflation. A Bank of America Merrill Lynch fund manager said last week that India was the least favoured equity market among emerging market investors in August.

WNS Holdings ( WNS - Get Report) was the only gainer, up 2% last week. Among the laggards, technology stocks iGATE ( IGTE) and Cognizant Technology Solutions ( CTSH - Get Report) declined 15.7% and 13.5% respectively.

The majority of technology stocks experienced hefty losses on fears that Indian IT companies have significant revenue exposure to the U.S. and other European markets. Among others, Patni Computer Systems ( PTI - Get Report), Infosys ( INFY - Get Report) and Syntel ( SYNT) shed 11.5%, 11.3% and 10.9%, respectively. Infosys suffered a major setback after the company's CFO said the company reported its customers are seeking ways to cut down on spending.

The banking sector closed in the red last week, with major banking stocks ICICI Bank ( IBN) and HDFC Bank ( HDB - Get Report) shedding 13.4% and 5.8%, respectively, on concerns that Indian banks could face collateral damage if a financial crisis returns to the global economy .

Telecommunication companies Mahanagar Telephone Nigam ( MTE) and Tata Communications ( TCL) ended this past week losing 12.3% and 12%, respectively. Last week, the Indian Department of Telecom (DoT) revealed that MTE has an outstanding due of INR 27.81 crore to the government, arising due to default in payment of annual license fee. Also, TCL has a maximum outstanding interconnection usage charges (IUC) of more than INR 290.18 crore.

Brazil Winners & Losers

Brazil's Bovespa eroded a marginal 0.4% at close last week, as the Brazilian real (BRL) appreciated to rally stock markets. Last week, the BRL gained following a gain in global stock markets coupled with a decline in credit risk after European leaders moved to ban on short-selling.

Major movers were CPFL Energia ( CPFL), up 7.4%, followed by Companhia de Bebidas das Americas-AmBev ( ABV), which increased 7.1% after it was mentioned in billionaire Jim Simons' hot stock picks.

Airline stock Tam ( TAM) gained 6% last week after the antitrust unit of Brazil's finance ministry recommended its first approval for the LAN-TAM merger. This is the first of the three antitrust approvals before the completion of the merger.

Ultrapar Participacoes ( UGP) rose 5.2% last week. On Aug. 18, 2011, the company went ex-dividend with shareholders being eligible for a dividend of 29 cents per share. UGP has a dividend yield of 3.3%. o

Communication stocks like Telecomunicacoes de Sao Paulo (TELESP) ( VIV) and TIM Participacoes ( TSU) lost 3.6% and 2.1%, respectively. Last week, TELESP announced a share repurchase program to acquire almost 2.9 million own ordinary shares, accounting for less than 10% of its outstanding shares.

Embraer ( ERJ) was the top loser, trimming 3.6%. Homebuilder Gafisa ( GFA) dropped 3.5% after its peer Rossi Residencial's evalue eroded considerably on poor quarterly results. GFA has also cut its forecast on EBITDA margin to range from 16% to 20%, from the earlier 18% to 22%.

Basic material stocks, Vale ( VALE) and Companhia Siderurgica Nacional (CSN) ( SID) fell 3.4% and 3.1%, respectively.

China Winners & Losers

On the Shanghai Index, pharma stock China Shenghuo Pharmaceutical Holdings ( KUN) was among the top gainers, surging 24.1% after recording positive 2011 second-quarter results. For the quarter, KUN reported 58% year-over-year increase in total revenue to $10.9 million. Net income for the quarter came in at $104,325 as against a net loss of $31,192 for the year-ago quarter.

General Steel Holdings ( GSI) followed gaining 23.7% after recording 100% year-over-year increase in its second-quarter revenue to $1 billion. The company's net loss narrowed to $1.5 million, or 3 cents per share, from a net loss of $2.1, or 4 cents per share, in the same quarter in 2010. Gross profit for the quarter increased approximately 280% year-over-year to $28 million.

China Information Technology ( CNIT) rose 13.8% this past week. TheStreet Ratings rated a hold on CNIT after the company recorded significantly positive second-quarter results. Also, it was known that the company's chief executive agreed to revise the terms of his $5 million loan to the company, allowing the loan's repayment to be converted into the company's shares. The CEO believes in the company's long-term growth outlook and has approved the loan amendment.

Leading the pack of losers was AsiaInfo-Linkage ( ASIA), down 30.8%. VanceInfo Technologies ( VIT) plunged 24% last week after missing its second-quarter estimate. VIT recorded second-quarter earnings per share of 21 cents versus the consensus estimate of 23 cents. Moreover, for the third quarter and full year 2011, the company's earnings per share guidance were lower than expected.

Sorl Auto Parts ( SORL) erased 18.1% at close last week, after its third-quarter guidance fell below analysts' estimates. For 2011 third quarter, it expects net sales of $45 million and net income of $3.6 million. However, analysts estimate SORL to record revenue of $52 million and net profit of $4.47 million.

E-House (China) Holdings ( EJ) dipped 15.2% at close last week after reporting a loss for 2011 second quarter. For the quarter, the company recorded net loss of $6.7 million, or 8 cents per American Depositary Share (ADS), compared to net income of $6.7 million, or 8 cents per ADS, in the year-ago quarter.