DOW JONES NEWSWIRES
Asian ADRs closed mixed on Monday, with Chinese shares posting some of the most dramatic swings in price, amid continued declines in China's stock market.
China's Huaneng Power International Inc.'s (NYSE:HNP) (HNP) shares declined 3.4% to $ 31.03, continuing its slide from last week when Beijing agreed to hike energy prices 4.7%. The company's shares fell 10% on Friday as investors concluded the hike would not be enough to offset soaring coal prices.
Conversely, Sohu.com Inc.'s (NASDAQ-NMS:SOHU) (SOHU) rose 5.5% to $75.83, rebounding from a 14% drop on Friday. Last week's drop came after the Chinese Internet portal said it expects advertising to taper off after the Olympic games.
The biggest decliner of the day was Singapore's GigaMedia Ltd. (NASDAQ-NMS:GIGM) (GIGM), which saw its ADRs fall 6.8%. The software company's fall follows a 0.75% decline in Singapore's stock market overall. GigaMedia's ADRs are down about 26% for the year.
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(END) Dow Jones Newswires 06-23-08 1710 Copyright (c) 2008 Dow Jones & Company, Inc.