ADRs End Mostly Higher; Chinese Companies Rise
August 25 2015 - 4:58PM
Dow Jones News
International stocks trading in New York closed higher on
Tuesday.
The BNY Mellon index of American depositary receipts rose 0.59%
to 126.83. The European index edged up 0.34% to 128.82; the Asian
index improved 1.37% to 129.40; the Latin American index eased
0.02% to 162.08; and the emerging markets index increased 0.78% to
206.08. Chinese firms were among the companies with ADRs that
traded actively.
China stepped up its credit-easing efforts by slashing interest
rates and flooding its banking system with new liquidity, its
second such combo move in two months aimed at battling a deepening
economic slowdown and its worst stock-market selloff in decades.
Among Chinese companies with ADRs that rose Tuesday, cosmetics
retailer Jumei International Holding Ltd. (JMEI) increased 8.4% to
$10.74, Sinopec Shanghai Petrochemical Co. (SHI, 0338.HK,
600688.SH, K3DD.SG) rose 5.9% to $32.46, VisionChina Media Inc.
(VISN) rose 7.4% to $8.72 and social-media platform Weibo Corp.
(WB) advanced 10% to $10.66.
A day after Alibaba Group Holding Ltd. (BABA) dipped below its
initial public offering price for the first time, the Chinese
e-commerce giant's chief executive in an open letter told employees
to forget the company's share price. On Monday, Alibaba fell below
its IPO price of $68 for the first time since the company's
record-breaking $25 billion stock-market debut in the U.S. last
September. On Tuesday, Alibaba's ADRs rose 4.2% to $68.57.
BHP Billiton reported its weakest annual earnings since 2003 and
cut its long-term forecast for Chinese steel demand. However the
chief executive of the Anglo-Australian company expressed
confidence that its most important customer, China, is on track,
despite the country's current bout of market and economic
turbulence. As the world's leading commodities producer, with
interests in iron ore, coal, oil and gas and copper, BHP Billiton
is arguably one of the major global businesses most exposed to
China's fortunes. ADRs of BHP Billiton PLC (BBL, BLT.LN) rose 2.3%
to $31.20 and BHP Billiton Ltd. (BHP, BHP.AU) rose 2.3% to
$32.92.
Write to Tess Stynes at tess.stynes@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
August 25, 2015 16:43 ET (20:43 GMT)
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