NEW YORK, Sept 13 U.S.-listed shares of foreign
companies advanced on Friday a day after the Federal Reserve
stepped in with a new monetary stimulus program designed to
The BNY Mellon index of leading American Depositary Receipts
rose 1 percent and is up 3.8 percent this week. The S&P
500 rose 0.3 percent, extending its gain of more than 1.6
percent on Thursday.
The central bank said it would pump $40 billion into the
U.S. economy each month until it saw a sustained upturn in the
weak jobs market. It also pushed back expectations for when it
would raise interest rates.
Cyclical sectors, which are tied to the pace of growth,
advanced on the news. Banks were especially strong, with
Barclays Plc up 3.1 percent to $14.80 and HSBC Holding
up 1.9 percent at $47.41. Japan's Mitsubishi UFJ
Financial Group rose 1.9 percent to $4.93.
Equities have rallied in recent months on growing
expectations for stimulus, but the rise on Friday indicated that
the news was better than investors had been expecting.
The BNY Mellon index of leading Asian ADRs rose 1.9
percent while European ADRs rose 0.6 percent and an
index of Latin American ADRs was up 1 percent.
Shares in Hong Kong closed at a four-month high while
European shares ended at their highest in 14 months.
Gains were limited in Europe as investors sold
pharmaceutical companies, a group that is considered a defensive
play. GlaxoSmithKline fell 1.6 percent to $45.95 and
AstraZeneca lost 0.8 percent to $46.98.
In company news, Russia's Mechel climbed 5.2 percent
to $7.84 after sources said the company was looking to sell a 25
percent stake in its East Siberian Elga coal deposit to
South-East Asian investors.