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ADR Report-Asian ADRs show signs of rebound after selloff
March 15, 2011 / 5:23 PM / 7 years ago

ADR Report-Asian ADRs show signs of rebound after selloff

NEW YORK, March 15 (Reuters) - U.S.-traded Asian stocks fell on Tuesday, but a recovery by major Japanese companies is likely to spread as the situation with Japan’s nuclear power crisis becomes clearer.

The BNY Mellon index of leading Asian ADRs .BKAS fell 2 percent on Tuesday and was down 4.6 percent since Friday when a devastating earthquake and tsunami hit Japan and set off the nuclear power crisis.

U.S.-listed shares of Japanese exporters were under pressure, including Toyota Motor (TM.N) , which fell 1.9 percent to $80.17.

But Honda Motor (HMC.N) and Canon Inc (CAJ.N) rebounded from losses, with Honda up 1.6 percent at $39.79 and Canon rising 2.4 percent to $44.68.

“Individual stocks that are not directly related (to the nuclear crisis) like Toyota should be seeing some recovery soon. There was a bit of a disruption in production (in Toyota) but that isn’t a long-term damage to the franchise,” said Jack DeGan, chief investment officer at Harbor Advisory Corp in Portsmouth, New Hampshire.

“But it all really depends on when and what kind of clarity we get on the state of the (nuclear crisis). The market is saying that it will take about five days or so to get some solid news on it.”

Japan’s Nikkei share average plunged 10.6 percent on Tuesday, posting the worst two-day rout since 1987, as hedge funds bailed out after reports of rising radiation near Tokyo. The iShares MSCI Japan index exchange-traded fund (EWJ.P) fell 1.8 percent.

Insurance and energy companies continued to slip while renewable energy companies rose.

Cameco Corp (CCJ.N) fell 7.2 percent at $20.27 while China Sunrgy CSUN.O was up 3 percent at $4.40. Renesola (SOL.N) also gained 2.8 percent at $9.30.

The BNY Mellon index of leading American Depositary Receipts .BKADR was down 2.5 percent while the U.S. benchmark S&P 500 index .SPX fell 1.7 percent.

The BNY Mellon index of leading European ADRs .BKEUR was down 2.8 percent.

Receipts with the BNY Mellon index of leading Latin American ADRs .BKLA lost 1.9 percent.

Reporting by Angela Moon, Editing by Kenneth Barry

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