Emerging markets travel and leisure ADRs rose in Wednesday afternoon trading after China's Home Inns & Hotels Management Inc. boosted its outlook for hotel openings and posted adjusted first-quarter profit above Wall Street estimates.
Home Inns & Hotels said late Tuesday it made a penny per ADR during the first three months of the year, excluding certain items. Analysts polled by Thomson Financial expected, on average, earnings of less then a penny per share.
ADR stands for American Depositary Receipt, which is a security designed to allow U.S. investors to trade shares of companies based overseas.
The Shanghai-based economy hotel chain also said it now plans to open 200 hotels this year, up from a previous estimate of 160 to 180.
Home Inns & Hotels had 266 hotels within the People's Republic of China as of the end of 2007. It went public in October 2006.
Shares of Home Inns & Hotels rose $1.21, or 5.1 percent, to $24.80 in afternoon trading.
Meanwhile, shares of Melco PBL Entertainment Ltd. gained 26 cents, or 1.8 percent, to $14.36. The Hong Kong-based company said Wednesday it has named Crown Macau Chief Executive Greg Hawkins as CEO of its Macau-based City of Dreams resort.
Shares of China's eLong Inc. jumped 28 cents, or 3.1 percent, to $9.28.
Shares of Guangshen Railway Co., which operates trains in southern China, added 44 cents to $27.81.
Shares Ctrip.com International Ltd. gained $1.35 to $63.69.
The Bank of New York Emerging Markets ADR Index _ which includes shares of companies based in China, Mexico, Brazil and more _ rose 3.67 points to 383.19.
The Bank of New York Composite ADR Index gained 1.27 points to 184.81 as U.S. markets rose in afternoon trading.
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