ADRs in Focus: Chinese solar stocks gain

The Bank of New York China ADR Index gained 4.02 points to 446.84, while the broader Bank of New York Asia ADR Index rose 1.40 points to 158.84. American Depositary Receipts, or ADRs, are securities designed to allow U.S. investors to trade shares of companies based overseas.

In afternoon trading, JA Solar Holdings Co. gained $1.01, or 5.2 percent, to $20.46.

In a client note, Lehman Brothers analyst Vishal Shah, who rates shares of JA Solar "Overweight," said the company should gain market share from European cell manufacturers.

"We expect JA Solar to outperform China-based peers that are more reliable on the polysilicon spot market," Shah wrote in a client note.

Shah also said the company's second quarter is tracking mostly inline with expectations, with higher gross margins.

Elsewhere in the sector, China Sunergy Co. rose 79 cents, or 7.2 percent, to $11.66, and Trina Solar Ltd. advanced $1.41, or 3.6 percent, to $40.40.

Suntech Power Holdings Co. rose $1.13, or 2.6 percent, to $42.23.

In Asia, most markets followed Wall Street higher on lower crude oil prices, with particular strength in Japanese stocks. The Nikkei 225 index advanced 2.7 percent to 14,354.37.