Message #4 From:
FastFun Date: October 6, 2007 07:45:28 AM
ADRs in Focus: Asian ADRs Rise
AP Thursday September 27, 2:53 pm ET
China Telecom, Japanese Exporters and Indian Outsourcing Stocks Gain
NEW YORK (AP) -- Shares of Japanese exporters, Indian outsourcing companies and Chinese telecommunications stocks rose Thursday, mirroring strong overnight performances in home markets.
The Bank of New York Asia ADR Index -- which includes shares of companies listed in China, Australia, Japan, India and Taiwan -- rose 3.5 points to 173. ADR, which stands for American Depositary Receipt, is a security designed to allow U.S. investors trade shares of overseas companies.
Shares of Japanese exporters rose on a weaker yen, as the exchange rate became more favorable to them.
Sony Corp. shares rose 90 cents, or 2 percent, to $48.03, while Toyota Motor Corp. shares added 91 cents to $115.80
Shares of Japan's Mizuho Financial Group Inc. tracked overnight gains on its home market, adding 58 cents, or 5.3 percent, to $11.58.
Chinese and Hong Kong telecommunications stocks performed strongly. Investors hope restructuring in China's mainland telecommunications industry will widen access to the mobile phone market, which could benefit some companies.
China Mobile Ltd. rose $3.78, or 4.8 percent, to $83.32 while China Netcom Group Corp. shares rose $2.78, or 5.4 percent, to $54.03.
Linktone Ltd. shares added 80 cents, or 26.2 percent, to $3.85.
China Telecom Corp. shares rose $8.92, or 13.2 percent, to $76.70 and Kongzhong Corp. shares jumped $2.62, or 52.6 percent, to $7.61.
Meanwhile, shares of three Indian outsourcing and information technology stocks rose, after the Bombay Stock Exchange's 30-share Sensex index closed above 17,000 for the first time Thursday.
Wipro Ltd. shares added 38 cents, or 2.7 percent, to $14.69, Satyam Computer Services Ltd. shares picked up 97 cents, or 3.9 percent, to $26.05, and Infosys Technologies Ltd. shares added $1.20, or 2.5 percent to $48.50.
The broader Bank of New York Composite ADR Index added 2.28 points to 191.55, while U.S. market indicators also inched up.
