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ADR Report: Shares Slide As Greek Fears Trigger Bank Losses

By Ian Thomson Of DOW JONES NEWSWIRES NEW YORK -(Dow Jones)- International companies trading in New York closed lower Friday, in line with the broader markets, as uncertainty over Greece intensified after euro-zone finance ministers held off on approving the country's second bailout. The Bank of New York Index of ADRs dropped 1.8% to 129.85, with banks driving the losses. National Bank of Greece SA's (NBG, ETE.AT) shares tumbled 9.2% to $3.44, and France's three largest banks all posted sharp declines. Societe Generale SA (SCGLY, GLE.FR) closed 8.5% lower at $6.06, Credit Agricole SA (CRARY, ACA.FR) slipped 7.6% to $3.42, and BNP Paribas SA (BNPQY, BNP.FR) fell 6.1% to $22.91. UBS lowered its stock-investment rating on ING Groep NV (ING, INGA.AE) to neutral from buy, citing a strong share performance relative to the sector in the past year. "With asset quality worsening and our concerns over the Dutch mortgage market, the risk to earnings estimates is to the downside," the firm said. ING shares slid 7% to $8.54. The European index fell 1.5% to 119.09. Demand for diamonds will be lower this year due to the dismal global economic climate, diamond mining company De Beers SA said. The announcement weighed on the shares of fellow mining company Anglo American PLC (AAUKY, AAL.LN), whose shares lost 5.1% to close at $21.55. J.P. Morgan Cazenove downgraded Britain's National Grid PLC (NGG, NG.LN) to neutral from overweight, noting that the 2012 outlook for Europe's second-best performing utility over the past 12 months is more challenging given upcoming regulatory reviews. Shares closed down 1.6% at $50. The Latin American index slipped 2.4% to 375.48. Heavy fuel imports, dry oil wells and impairment charges combined to send fourth-quarter net profit at Brazilian federal oil company Petroleo Brasileiro (PBR, PETR4.BR), or Petrobras, plummeting more than 50% year-on-year, falling well short of analysts' expectations. Shares slumped 7.6% to $29.57. Crude oil futures prices fell in line with broader market declines as the International Energy Agency cut its estimates for global oil demand this year. That led to losses for other South American oil and gas companies. Argentina's YPF SA (YPF, YPFD.BA) fell 1.5% to $34.32, and Colombia's Ecopetrol SA (EC, ECP.T, ECOPETROL.BO) declined 1% to $52.91. The Asian index closed 2.2% lower at 126.70, and the emerging markets index dropped 2.1% to 309.84. Advanced Semiconductor Engineering Inc. (ASX, 2311.TW), the world's largest chip-packaging and testing company by revenue, saw its fourth-quarter net profit fall 46% because of weaker global demand. The Taiwan-based company's shares slid 3.2% to $4.79. Taiwan Semiconductor Manufacturing Co. (TSM, 2330.TW) said its unconsolidated revenue in January fell 1.1% from the same month last year. The world's largest contract chip maker by revenue also said consolidated revenue slipped 2.3% from a year earlier. Shares closed 3.1% lower at $13.84. Citigroup suggested the recent rally in solar stocks may be getting ahead of itself, arguing that margins may not snap back as quickly and noting demand is coming from China and India, where prices are "very, very low." China's solar companies slumped, with Yingli Green Energy Holding Co. (YGE) tumbling 9.5% to $5.34, Trina Solar Ltd. (TSL, K3KD.SG) closing 7.3% lower at $10.15 and Hanwha SolarOne Co. (HSOL) falling 5.6% to $2.20. -By Ian Thomson, Dow Jones Newswires; 212-416-2314; ian.thomson@dowjones.com

Stock News for Engelhard (EC)
DateTimeHeadline
08/04/201417:55:51ADR Shares End Higher; HSBC Shares Trade Actively
07/03/201410:26:23Statoil Divests Some Of Angola Block Stakes
04/25/201419:56:22Colombia's U'wa Indians Continue Oil Protests After Talks Fail
04/24/201422:40:13Colombia Aims to End Oil Companies, Indians Standoff
04/24/201421:57:32Colombia Aims to End Standoff Between Oil Companies, Indians...
04/24/201420:50:47Colombia Aims to End Standoff Between Oil Companies, Indians
12/09/201317:31:15ADR Shares End Mixed as Markets Digest Fed Officials' Speeches
11/07/201310:28:09Ecopetrol: Oil Exports to Asia saw "Significant Increase" in...
10/21/201315:17:14Brazil Awards Libra Oil Field Rights to Consortium of Petrobras...
09/20/201303:10:14Asian National Oil Companies Top Brazil Bidders
09/11/201315:54:08Ecopetrol of Colombia Sells $2.5 Billion in Bonds
09/11/201313:39:09Ecopetrol of Colombia in Market With $2.5 Billion Bond Sale
06/03/201303:18:17Quadrise Fuels Signs Latin America Memorandum with Ecopetrol...
05/24/201313:00:42Colombia's Cano Limon Pipeline Halted After Rebel Attack -Ecopetrol
04/12/201317:04:31ADR Shares End Lower Amid Downbeat U.S. Data, Cyprus Confusion
03/19/201311:28:44Oil Companies Seek Reforms in Peru to Reverse Declining Crude...
03/01/201303:55:10Skanska Gets $51 Million Oil Field Contract in Colombia
02/12/201314:02:50Colombia Rebel Bombings Shut Two of Ecopetrol's Main Oil Pipelines
01/23/201315:30:58Colombia Rebels Blamed Again for Cano Limon Pipeline Bombing;...
01/14/201313:16:49Colombia's Cano Limon Pipeline Resumes Pumping after Attack

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