Falling energry stocks hurt foreign company stocks

| August 18, 2005 | 0 Comments
Falling energry stocks hurt foreign company stocks

Shares of foreign companies traded in the United States were down again on Thursday as falling prices for crude oil and other commodities hurt results in the oil and mining sectors.

Insurance and banking stocks also fell. In the banking and financial sector, American-traded shares in Kookmin Bank of South Korea were down 1.8 percent on the New York Stock Exchange, to $52.08, while Nomura Holdings of Japan was down 1.6 percent to $13.18. Bucking the trend was Banco de Chile, which gained 1.2 percent to $41 on the NYSE.

In the insurance sector, French company AXA lost 0.9 percent to $27.37 and Allianz, out of Germany, fell 1.8 percent to $13.18.

In the oil sector, US-traded shares in China Petroleum were down 3.9 percent to $44.43, while UK company BG Group declined by 2.2 percent to $44.41.

In the mining sector, CRVD, based in Brazil and the world’s largest producer of iron ore, lost 2.4 percent to $33.33 and Aluminum China fell 5.2 percent to $57.66.

The Bank of New York’s index of leading ADRs was down by 0.9 percent on the day. The index of European ADRs was down 0.9 percent as well, to 130.25, while the index of leading Asian ADRs fell 1.2 percent to 116.13 and the Latin American index was down 0.5 percent to 168.19.

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