Asian ADRs Lower as Web-Based Stocks See Contractions

American depository receipts of Asian stocks were trading 0.9% lower at 151.25 on the Bank of New York Mellon Asia ADR Index on Thursday as shares in e-commerce stocks were generally lower.

Decliners in North Asia were led by Jumei (JMEI), an online retailer of beauty products, down 2.7%, followed by Vipshop (VIPS), an online discount retailer, 2.2% lower and CTrip.com International (CTRP), a consolidator of hotel accommodations and airline tickets, down 2.1%. Internet television company Youku.com (YOKU) was also trading 2.1% lower.

In Southern Asia, diversified metal and mining company Sesa Sterlite (SSLT) slid 2.4% while e-payment solutions provider MOL (MOLG) dropped 1.9% and telecommunications firm Telekomunikasi Indonesia (TLK) fell 1.3%. Infosys (INFY), a services company that provides business consulting and technology services, was also down 1.0%.

Gainers in North Asia were led by automobile retailer Lentuo International (LAS), up 30%, followed by Hanwha Q Cells (HQCL), an integrated manufacturer of silicon ingots, up 16.4%, and Country Style Cooking Restaurant (CCSC), a restaurant chain, expanded by 14.0%. Qihoo 360 Technology (QIHU), an internet company, was also up 4.5%.

In Southern Asia, SIFY (SIFY), an internet services provider, expanded by 1.5% while Philippine Long Distance Telephone (PHI), a telecommunications service provider in the Philippines, rose 1.1%. Rediff.con India (REDF), a provider of online business and consumer offerings, jumped 1.0% and Indian bank ICICI Bank (IBN) was also 0.5% higher.