ADR REPORT-Shares rebound after string of losses
NEW YORK, July 11 |
NEW YORK, July 11 (Reuters) - U.S.-listed shares of foreign companies rose on Wednesday, snapping a four-day streak of losses, as investors sought bargains in beaten-down sectors.
The BNY Mellon index of American depositary receipts rose 0.5 percent while the S&P 500 was up 0.1 percent.
The ADR index had dropped 3.9 percent over the previous four sessions.
Energy and materials sectors, which have suffered losses recently, were among the biggest gainers.
China Petroleum climbed 2.7 percent to $84.90 as U.S. crude prices rose 2.6 percent to $86 a barrel. BP Plc rose 1.6 percent to $40.27 while Petroleo Brasil was up 1.1 percent at $18.88. Mining giant Rio Tinto , which is down 3.7 percent year-to-date, rose 1.7 percent to $47.10.
Financial shares, which have been under pressure on concerns about Europe's sovereign debt crisis, rose. HSBC Holdings rose 1 percent to $44.16 and Credit Suisse added 1.8 percent to $17.77. Japan's Mitsubishi UFJ Financial Group rose 1.1 percent to $4.80.
The BNY Mellon index of leading European ADRs rose 0.8 percent while an index of Asian shares rose 0.5 percent. European shares closed slightly higher as investors bought defensive shares, while Shanghai's market rebounded off six-month lows.
The BNY Mellon index of leading Latin American ADRs edged 0.3 percent higher. (Reporting by Ryan Vlastelica; Editing by Kenneth Barry)
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