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ADR REPORT-Asian banks rise on profit optimism
January 29, 2013 / 7:26 PM / 5 years ago

ADR REPORT-Asian banks rise on profit optimism

NEW YORK, Jan 29 (Reuters) - U.S.-listed shares of foreign companies advanced on Tuesday, led by Asian banks on optimism the financials will show stronger profits this year.

Mitsubishi UFJ Financial gained 3.6 percent to $5.45, Mizuho Financial Group advanced 2.9 percent to $3.87 and Nomura Holdings rose 3 percent to $5.54 after the Nikkei newspaper said the recent stock rally would boost the value of banks’ own shareholdings and their net profit in the current fiscal year.

The Nikkei index has risen 4.5 percent on the year, driven by gains in sectors such as exporters, financials and real estate, which are expected to benefit from “Abenomics”, Prime Minister Shinzo Abe’s brand of economic policy involving aggressive monetary easing and a weaker yen.

The BNY Mellon index of leading American depositary receipts gained 0.9 percent, while the Standard & Poor’s 500 index rose 0.5 percent.

The BNY Mellon index of leading Asian ADRs was up 1.4 percent, putting the index on pace for its biggest climb since the first trading day of the year.

The BNY Mellon index of leading European ADRs climbed 0.7 percent, while the FTSEurofirst 300 index of top shares closed up 0.4 percent.

GlaxoSmithKline rose 2 percent to $45.47 after Barclays raised its rating on the drugmaker to “overweight” from “equal weight.”

The BNY Mellon index of leading Latin American ADRs advanced 0.9 percent.

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