A tumble in the U.S. markets helped weigh down an index of Asian ADRs on Tuesday, as investors feared that a domestic recession may pressure economies worldwide.
The Dow Jones industrial average plunged 465 points at the start of the session, but recovered to a loss of just over 100 points later in the day, after the Federal Reserve rolled out an emergency interest-rate cut.
The Bank of New York Asian ADR Index _ which includes shares of companies based in China, South Korea, India and more _ lost 4.95 points, or 3.3 percent, to 145.98. ADR stands for American Depositary Receipt, which is a security designed to allow U.S. investors to trade shares of companies based overseas.
Technology stocks were among the decliners. Citigroup analyst Andrew Lu downgraded Semiconductor Manufacturing International Corp. to "Sell" from "Hold" and cut his target price to $4 from $6.50, citing a lack of catalysts.
Shares lost 22 cents, or 5.1 percent, to $4.27 and set a 52-week low of $4.03.
Meanwhile, Chartered Semiconductor Manufacturing Ltd. shed 8 cents to $5.72 and set a 52-week low of $5.46, after an analyst said the company wouldn't be immune from a U.S. recession, should one occur.
Several Indian telecom stocks also tumbled, including Mahanagar Telephone Nigam Ltd., which lost $1.46, or 17.2 percent, to $7.02. Videsh Sanchar Nigam Ltd. shed $4.16, or 13.55 percent, to $26.54.
On the rising side, Chunghwa Telecom Co., a Taiwan-based telecommunications company, advanced $1.07, or 5.2 percent, to $21.52.
JA Solar Holdings Co. rose $3.95, or 7 percent, to $60.25.
And Satyam Computer Services Ltd., an Indian software company, rose 66 cents, or 2.9 percent, to $23.23.
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