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ADR Report-ADRs decline 1 pct, hit by euro zone worries
November 30, 2010 / 9:56 PM / 7 years ago

ADR Report-ADRs decline 1 pct, hit by euro zone worries

NEW YORK, Nov 30 (Reuters) - U.S.-listed shares of overseas companies fell on Tuesday as euro zone debt worries rose, with Standard & Poor’s putting Portugal on review for a possible downgrade.

The worries pressured many of the region’s companies. Shares of Portugal Telecom PT.N slipped 2.4 percent to $12.77, while shares of Allied Irish Bank (AIB.N) fell 5.4 percent to $0.94.

The declines come just days after Europe approved an 85 billion euro ($111.7 billion) emergency aid package for Ireland.

Worries about potential problems in other countries including Portugal and Spain kept mounted after the news.

Besides putting Portugal on review for a possible downgrade, S&P’s Ratings Services said it believed a possible downgrade of Portugal could have a negative impact on five Portuguese banks, including Banco Espirito Santo (BKESY.PK). For details, see [ID:nWNA5614]

The BNY Mellon index of leading American Depositary Receipts (ADRs) .BKADR fell 1.2 percent while the U.S. benchmark S&P 500 index .SPX was down 0.6 percent.

The BNY Mellon index of leading Asian ADRs .BKAS dropped 0.9 percent.

The BNY Mellon index of leading European ADRs .BKEUR was down 1.5 percent, while receipts with the BNY Mellon index of leading Latin American ADRs .BKLA were down 0.6 percent.

Shares of Mexico’s America Movil (AMX.N) fell 0.1 percent to $56.46. The cell phone company may be interested in buying a stake in Serbia’s state phone company Telekom Srbija. [ID:nN30269721] (Editing by Kenneth Barry)

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