ADR Report-ADRs slide, but top China oil companies jump
By Walker Simon
NEW YORK, June 19 (Reuters) - Overseas shares traded in the United States slid on Thursday as financial stocks took a fresh battering, but China's top oil companies jumped on news that Beijing would raise domestic fuel prices for the first time in eight months.
The Bank of New York Mellon's index of leading American Depositary Receipts (ADRs) .BKADR was down 0.7 percent, while the 30-share Dow Jones industrial average .DJI was 0.2 percent lower at 12,003.
U.S.-listed shares of Japan's top lender Mitsubishi UFJ Financial Group (MTU.N) fell 2.9 percent to $9.55, and the country's second-ranked lender, Mizuho Financial Group (MFG.N), skidded 2.6 percent to $10.18 on the New York Stock Exchange.
That followed the lenders' sharp declines on the Tokyo stock market after their U.S. counterparts were hit by concerns that the credit crisis was tightening its grip on commercial banks.
U.S.-listed shares of UBS (UBS.N), Europe's largest bank, fell 5.7 percent to $22.72 and Switzerland's Credit Suisse (CS.N) fell 3 percent to $46.36.
The United Kingdom dominated the European banking story with HBOS, the No. 1 British mortgage lender, warning of housing-related write-downs. The news hit the Royal Bank of Scotland (RBS.N), which was down 2.2 percent at $4.50. Britain's Barclays Plc fell 2.6 percent to $25.94.
ADRs of major automobile companies were also lower.
Japan's Toyota Motor Corp (TM.N) fell 1.2 percent to $101.19 after it said was cutting U.S. production of its full-size pickup trucks further this year as record gasoline prices have depressed sales of gasoline-hungry trucks and SUVs.
Germany's Daimler AG (DAI.N) was 0.9 percent lower at $68.73 on the NYSE. On Wednesday, a Daimler executive said the company, the world's largest truck maker, was still awaiting a rebound in the North American heavy truck market.
He said the fallout from the U.S. mortgage and housing downturn made it hard to predict developments in the U.S. market.
TOP CHINA OIL FIRMS OUTPEFROM
U.S.-listed shares of Chinese oil companies Petrochina (PTR.N) and China Petroleum and Chemical Corporation (Sinopec) (SNP.N) jumped on the NYSE following news that China will raise domestic fuel prices on Friday.
ADRs of Sinopec, China's No. 1 refiner and second-biggest oil company, sored 8.1 percent to $112.83. Petrochina, China's top oil company and No. 2 refiner, rose 5.9 percent to $142.50.
Chinese state-owned oil firms with refinery operations,including Petrochina (0857.HK) (601857.SS) and Sinopec (0386.HK) (600028.SS), had to bear huge refining losses because Beijing has held domestic pump prices unchanged since late last year amid soaring world oil prices.
China's No. 3 oil company, CNOOC Ltd (CEO.N), lost 1.7 percent to $165.68 on the NYSE. CNOOC's main business is oil and natural gas exploration and development.
Regional ADR indexes were lower.
The Bank of New York Mellon's index of leading European ADRs .BKEUR was down 0.7 percent. In Europe, major stock market benchmarks were lower.
The Bank of New York Mellon's index of leading Asian ADRs .BKAS was 0.6 percent lower. In Asia, shares ended lower, with China's main stock index, the Shanghai Composite Index .SSEC, closing at a 16-month low.
Receipts with the Bank of New York Mellon's index of leading Latin American ADRs .BKLA fell 0.8 percent. In Latin America, major equity benchmarks were lower. (Editing by Jonathan Oatis)
