ADR Report: Shares Fall On Renewed Euro-Zone Worries
09 Maggio 2012 - 12:01AM
Dow Jones News
International companies trading in New York closed lower
Tuesday, in line with the broader market, as political deadlock in
Greece fueled fears of further economic trouble in the euro
zone.
The Bank of New York index of ADRs tumbled 1.5% to 122.36.
In Athens, New Democracy leader Antonis Samaras said Monday it
was impossible to form a coalition government, opening a door for
the second-biggest party, Coalition of the Radical Left, which has
vowed to renegotiate the country's bailout conditions.
The National Bank of Greece SA (NBG, ETE.AT) ended sharply
lower, off 9.1% at $1.91.
French banks tumbled, with BNP Paribas SA (BNPQY, BNP.FR),
France's largest bank by market value, falling 3.9% to $19.06,
Societe Generale SA (SCGLY, GLE.FR) giving up 2.8% to $4.54 and
Credit Agricole SA (CRARY, ACA.FR) shedding 1.8% to $2.24.
The European index lost 1.3% to 112.76.
Oil futures sank to lows not reached since Dec. 19 on the
renewed euro-zone fears, weighing on the shares of energy
firms.
BG Group PLC (BRGYY, BG.LN) dropped 2.9% to $21.47, and Royal
Dutch Shell PLC (RDSA, RDSB, RDSA.LN, RDSB.LN) fell 2.3% to
$68.17.
The Asian index declined 1.4% to 121.57.
Mindray Medical International Ltd.'s (MR, K3QD.SG) first-quarter
earnings fell 3% as the medical-device company recorded higher
expenses and weaker margins, though revenue improved. Shares of the
Chinese company shed 1.3% to $31.38.
The Latin American index dropped 2.6% to 335.93, and the
emerging-markets index ended 2% lower at 285.39.
Royal KPN NV (KKPNY, KPN.AE) said Tuesday that America Movil SAB
de CV's (AMX, AMOV, AMX.MX) 8-euro-per-share ($10.40) cash offer to
raise its stake in the Dutch incumbent mobile operator
"substantially" undervalues the company. Still, KPN's management
and supervisory boards will review carefully the offer and seek
further clarification as to America Movil's intentions, the company
said in a statement. America Movil's shares dropped 9.6% to
$25.53.
-By Corrie Driebusch, Dow Jones Newswires; 212-416-2143;
corrie.driebusch@dowjones.com
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