ADR Report-Foreign stocks slip as commodities weigh

Fri Jun 12, 2009 10:45pm BST
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By Rodrigo Campos

NEW YORK, June 12 (Reuters) - Overseas shares traded in the United States fell on Friday on sliding commodities prices and a stronger U.S. dollar, but firmer pharmaceutical shares limited losses by Europe-based companies.

The greenback rose firmly against a basket of currencies .DXY, lowering prices of oil and other commodities and foreign stocks. Assets priced in dollars lose some appeal to foreign investors when the dollar strengthens.

Among energy companies, New York-traded shares of France's Total (TOT.N: Quote, Profile, Research), Brazil's Petrobras (PBR.N: Quote, Profile, Research) and PetroChina (PTR.N: Quote, Profile, Research) all shed more than 2 percent.

The Bank of New York Mellon's index of leading American Depositary Receipts (ADRs) fell 0.7 percent while the U.S. benchmark S&P 500 index .SPX rose 0.1 percent.

For the week, the ADR index rose 2.1 percent.

The Bank of New York Mellon's index of leading Asian ADRs slipped 1.3 percent. In Asia, shares were mixed with Taiwan and Shanghai markets lower, while Hong Kong edged up and Tokyo rose to an eight-month high.

ADRs of Nomura Holdings (NMR.N: Quote, Profile, Research) rose 3.4 percent to $9.39 after its local stock was upgraded on expectations Japan's largest brokerage was likely to turn profitable in the next financial year.

The Bank of New York Mellon's index of leading Latin American ADRs lost 1.1 percent while Brazil's and Mexico's benchmark stock indexes inched up 0.3 percent.  Continued...

 
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