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Latest Share Chat

ADR REPORT-Foreign shares gain on banks, but lower on week

Fri, 08th Feb 2013 18:54

By Ryan Vlastelica

NEW YORK, Feb 8 (Reuters) - U.S.-listed shares of foreigncompanies rose on Friday, lifted by strength in financial andmining shares, though the group remained sharply lower on theweek.

American Depositary Receipts (ADRs) have been under pressurethis week, with investors worrying about the growth outlook inEurope. Political tensions and concerns over the region's debtcrisis have spurred investors to take profits in Europeanshares, which fell to 2012 closing lows on Thursday.

The BNY Mellon index of leading American depositary receipts rose 0.6 percent, though it is down 2 percent on theweek, its worst weekly performance since September. The S&P 500 rose 0.5 percent.

European ADRs, which are down 2.6 percent on theweek, led the gains on Friday with a 0.7 percent rise. Thepan-European FTSEurofirst 300 index rose 0.6 percent,with mining stocks and banking shares leading the way higher.

Data showed Chinese exports grew 25 percent in January, morethan forecast, while imports climbed 28.8 percent, highlightingrobust domestic demand. The new signs of growth in China boostedmining stocks and financial shares, which are sensitive to thehealth of the global economy.

Barclays Plc rose 2.3 percent to $18.84 while HSBCHolding was up 2.6 percent to $56.75. Rio Tinto rose 0.7 percent to $57.68.

The BNY Mellon index of leading Asian ADRs rose 0.4percent. Shares in Shanghai rose 0.6 percent, nearingmulti-month highs. Among Asian ADRs, Korea's Woori Finance rose 2.5 percent to $34.28.

The BNY Mellon index of leading Latin American ADRs was flat, weighed down by a 0.7 percent drop in Petrobras, which fell to $16.18. Petrobras fell 13 percent for theweek, its worst week since August.

On Tuesday, Petrobras reported weak results and announced acut in its dividend.

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