10:47 AM EDT, 07/31/2024 (MT Newswires) -- Asian equities traded in the US as American depositary receipts were surging higher Wednesday morning, advancing 2.5% to 1,960.19 on the S&P Asia 50 ADR Index.

From North Asia, the gainers were led by diagnostic imaging centers company Concord Medical Services ( CCM ) and semiconductor company United Microelectronics ( UMC ) , which climbed 13% and 9.2%, respectively. They were followed by semiconductor company Silicon Motion Technology (SIMO) and online education platform 51Talk Online Education Group (COE), which increased 6.1% and 3.4%, respectively.

The decliners from North Asia were led by e-commerce fashion platform MOGU ( MOGU ) , which fell 8.5% and mobile health care app 111 (YI), which declined 6.8%. They were followed by ad agency iClick Interactive Asia Group ( ICLK ) and media company Phoenix New Media ( FENG ) , which dropped 5.3% and 4.4%, respectively.

From South Asia, the gainers were led by tech conglomerate Sea (SE) and financial services company ICICI Bank ( IBN ) , which rose 2.4% and 1%, respectively. Pharmaceutical firm Dr. Reddy's Laboratories (RDY) was up 0.9% and telecommunications operator PLDT ( PHI ) added 0.5%.

The decliners from South Asia were led by IT firms Infosys ( INFY ) and Wipro ( WIT ) , which lost 2.5% and 1.1%, respectively. They were followed by business process management company WNS (WNS) and financial services company HDFC Bank ( HDB ) , which were off 0.4% and 0.1%, respectively.