ADRs End Lower, Wipro Trades Actively
July 21 2017 - 6:19PM
Dow Jones News
By Ali Stratton
International stocks trading in New York closed mostly lower on
Friday.
The BNY Mellon index of American depositary receipts declined
0.33% to 144.40. The European index fell 0.42% to 136.24, the Latin
American index also edged down 0.49% to 232.12 and the Asian index
eased 0.11% to 165.33. Meanwhile, the emerging-markets index edged
up 0.03% to 302.88.
Wipro Ltd. (WIT) was among companies whose ADRs traded
actively.
The Brazilian government said Thursday it would double some
taxes on fuels, as the government struggles to cut its budget
deficit. The country suffered its worst recession on record
throughout 2015 and 2016, and its persistently weak economy is
hurting Brazilian companies and consumers. Among the stocks that
fell the most were petrochemical company Braskem SA (BAK) and
Petroleo Brasileiro SA (PBR). ADRs of Braskem fell 2.67% to $24.77,
while ADRs of Petroleo Brasileiro fell 2.42% to $8.48.
Web-services company Baidu Inc. (BIDU) and securities brokerage
China Finance Online Co. (JRJC) both rose in light of reports of
positive negotiations Thursday between the U.S. and China. Chinese
negotiators said Beijing would work on U.S. priorities, including
expanding services trade. ADRs of Baidu rose 0.97% to $193.18 and
ADRs of China Finance Online rose 1.48% to $1.37.
Shares in information technology services company Wipro bounced
to 15-month highs Friday, following the company's first-quarter
report in which it disclosed a larger-than-expected stock buyback
plan of $1.7 billion. The Indian outsourcing company posted flat
net profit for the quarter as it faces challenges from a changing
technological landscape and scrutiny of its U.S. skilled-worker
visa program. Despite flat profit, ADRs soared 5.22% to $6.05.
Write to Ali Stratton at ali.stratton@wsj.com
(END) Dow Jones Newswires
July 21, 2017 18:04 ET (22:04 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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