ADR REPORT-Argentina move on YPF drags down shares
NEW YORK, April 16 |
NEW YORK, April 16 (Reuters) - U.S.-listed shares of Argentine companies fell on Monday, with shares of YPF leading the way lower as the country announced plans to seize control of the energy company.
YPF shares were halted in afternoon U.S. trading and were last down 11.2 percent at $19.50.
Argentine shares in YPF, the Argentine unit of Spanish oil major Repsol, have fallen recently due to speculation about a state takeover.
Among other Argentine ADRs, Pampa Energia SA was down 3.6 percent at $7.56 and Telecom Argentina was down 3.3 percent at $16.27.
Repsol said it considered the plan by Argentina's government to be unlawful, while the European Commission said any forced takeover of YPF would send a negative signal to investors in Argentina and hurt the country's business environment.
Latin American ADRs strongly underperformed ADRs overall on the day. The BNY Mellon index of leading Latin American ADRs fell 1.5 percent while the BNY Mellon index of leading American depositary receipts was up 0.2 percent.
Among other declining Latam ADRs, shares of Brazilian miner Vale were down 2.4 percent at $22.70 while shares of Brazil's state oil company, Petrobras, were down 1.1 percent at $24.24.
The BNY Mellon index of leading European ADRs was up 0.8 percent and the BNY Mellon index of leading Asian ADRs was down 0.3 percent.
The Standard & Poor's 500 ended down 0.1 percent. (Editing by Leslie Adler)
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