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ADR REPORT-Latin American ADRs drag after Bradesco profit miss
January 28, 2013 / 6:26 PM / 5 years ago

ADR REPORT-Latin American ADRs drag after Bradesco profit miss

NEW YORK, Jan 28 (Reuters) - U.S.-listed shares of foreign companies dipped on Monday, with Latin American stocks the worst performers after an earnings miss from Brazil’s Banco Bradesco.

Shares of Bradesco traded in New York lost 2.8 percent to $18.30 after Brazil’s No. 2 private sector bank missed fourth-quarter profit estimates, as lower insurance-related income and higher operating expenses offset the positive impact of a decline in bad loan provisions.

The BNY Mellon index of leading Latin American ADRs declined 0.7 percent.

POSCO lost 2.8 percent to $82.41 after Trade Minister Anand Sharma said India will conduct a review of the delays that have hit a planned investment by the South Korean steelmaker in the country.

But shares in Sony Corp advanced 4.1 percent to $15 after a report from the official China Daily newspaper said the country is considering lifting a ban on video game consoles that has been in place since 2000.

The BNY Mellon index of leading American depositary receipts lost 0.4 percent, while the Standard & Poor’s 500 index shed 0.09 percent.

The decline left the ADR index on track to snap a two-day win streak which had pushed the index to its highest level in over 17 months.

The BNY Mellon index of leading European ADRs lost 0.2 percent, while the FTSEurofirst 300 index of top shares closed down 0.15 percent at 2,744.50 points.

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