US-listed shares of foreign companies ticked lower on Friday on weakness in Chinese stocks, but they eked out a second straight weekly gain. Markets in Hong Kong and China ended their worst week in three, dragged down by shares of Chinese property developers after official media reported that new curbs on the housing market will be strictly enforced.
US-traded shares of Xinyuan Real Estate Co dropped 1.8 percent to $4.78 and China Life Insurance Co fell 1.8 percent to $42.53. The BNY Mellon index of American depository receipts of Chinese companies fell 0.9 percent and weighed on the Asian ADR index, which fell 0.3 percent.
The broader BNY Mellon index of leading ADRs fell 0.21 percent, while the S&P 500 index dipped 0.16 percent. For the week, the ADR index rose 0.18 percent and the S&P 500 added 0.61 percent. The BNY Mellon index of leading European ADRs dipped 0.14 percent, while the FTSEurofirst 300 index of top shares closed down 0.4 percent.
ADRs of carnival plc fell 2.7 percent to $36.13 after the company, grappling with a series of recent mishaps involving its ships, said it returned to profitability in the latest quarter but cut its revenue and profit forecast for the year. The BNY Mellon index of leading Latin American ADRs fell 0.5 percent. America Movil ADRs finished their worst week since late October 2008, falling 3.9 percent, a day after a congressional committee passed a bill that aims to loosen tycoon Carlos Slim's dominance of the telecommunications market.
Comments
Comments are closed.