ADR Report: Shares Lower As Crude-Oil Prices Fall

Date : 05/16/2012 @ 5:17PM
Source : Dow Jones News
Stock : Petrochina Company Limited (PTR)
Quote : 70.99  1.88 (2.72%) @ 10:05AM
Petrochina share price Chart

ADR Report: Shares Lower As Crude-Oil Prices Fall

Ambow Education Holding Ltd. (USOTC:AMBOY)
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International companies trading in New York closed lower Wednesday on continued worries about Greece and whether political impasse could lead to an exit from the euro zone.

The Bank of New York index of ADRs fell 1% to 115.29.

Crude-oil prices fell 1.2% to a fourth-consecutive 2012 low at $92.81 a barrel Wednesday, dragging energy companies down.

Samson Oil & Gas Ltd. (SSN, SSN.AU) dropped 4.8% to $1.60, PetroChina Co. (PTR, K3OD.SG, 0857.HK, 601857.SH) fell 2% to $130.71 and CNOOC Ltd. (CEO, 0883.HK) declined 1.8% to $181.88.

The European index slumped 0.9% to 106.31.

Shares of European banks remained under pressure as officials set elections for June 17 after political parties failed to form a coalition government. Also weighing on shares were media reports that said banks in Greece are suffering from a big capital flight amid the crisis, and that some insolvent banks were already cut off from European Central Bank operations.

National Bank of Greece SA (NBG, ETE.AT) lost 9.9% to $1.55. Banco Santander SA (STD, SAN.MC) shed 2.4% to $5.67 and Deutsche Bank AG (DB, DBK.XE) declined 1.9% to $36.39.

The Asian index fell 1.7% to 115.19.

Ambow Education Holding Ltd. (AMBO), which provides educational and professional development services in China, said it has delayed filing its 2011 annual report beyond the 15-day extension provided by U.S. Securities and Exchange Commission. The company said it had identified preliminary adjustments to the year's revenue results. Shares tumbled 18% to $4.65.

The Latin American index dropped 0.4% to 310.60 and the emerging markets index slipped 1% to 267.09.

Brazil's Banco Bradesco SA (BBD, BBDO, BBDC4.BR) reduced administrative fees on some of its mutual funds to leave them attractive for investors amid a base-rate reduction, the bank said Wednesday. Shares of Banco Bradesco ended 2.1% lower at $14.03.

Renaissance Technologies disclosed a smaller stake in Grupo Financiero Galicia SA (GGAL, GGAL.BA) according to a filing Tuesday night. As of March 31 it held a little less than half a million shares, down from roughly 800,000 at the end of the prior quarter.

Shares of Grupo Financiero declined 4.7% to $4.83.

-By Corrie Driebusch, Dow Jones Newswires; 212-416-2143;

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