Foreign stocks down on leading ADR index

| September 12, 2005 | 0 Comments
Foreign stocks down on leading ADR index

Shares of foreign stocks traded in the United States were down overall on Monday, while Asian companies did well on the outcome of parliamentary elections in Japan on Sunday, which returned the ruling part of Prime Minister Junichiro Koizumi to power by a landslide vote.

The Bank of New York’s index of leading ADRs fell by 0.8 percent, while the index of leading Asian ADRs gained 0.3 percent to 119.24.

The index of leading Latin American ADRs was down by 0.4 percent to 181.54, while the index of leading European ADRs fell by 1 percent to 133.20. Among New York-listed shares of Asian companies, Mitsubishi Tokyo Financial Group and Millea Holdings, a property and casualty insurer, each gained 2.7 percent, to $10.65 and $75.10 respectively.

Additionally, Nippon Telephone and Telegraph gained 0.6 percent. Oil companies and companies that make equipment for them did not do nearly as well as crude oil prices dropped. Tenaris SA, which makes pipes and casings for oil companies, lost 3.5 percent to $113.99. Total SA lost 1.4 percent to $133.87, Royal Dutch Shell fell 1.2 percent to $64.11, and BP Plc was down by 1.1 percent to $70.03.

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