Wall St: Asian ADRs close lower on declines in tech and telecoms
Prices of American Depositary Receipts in Asian companies closed lower, as technology and telecoms pressured Asia lower, dealers said.
The Bank of New York's Asian ADRs index closed down 2.22 points or 2.36% at 91.87. The index opened at the day's high of 94.08 and moved as low as 91.57.
The Bank of New York's leading ADRs index closed down 1.37 points or 1.36% at 99.12.
Volume was 117.7 million shares, with 93 advancing, 203 declining and six unchanged.
On the broader indices, the DJIA closed up 21.11 points or 0.20% at 10,632.35, while the Nasdaq composite was down 32.37 points or 1.68% to 1,897.12.
Among Japanese ADRs, Pioneer closed down $0.85 or 3.91% at 20.90. The company was downgraded to a 'Buy' from a 'Strong Buy' by Merrill Lynch.
Other decliners included TDK, which closed $3.98 or 6.92% lower at 53.52. Kyocera closed down $4.18 or 5.36% at 73.80. Hitachi fell $3.74 or 4.95% at 71.76. Trend Micro closed $2.31 down 8.08% at 26.29.
CSK - one of the few advancers - closed up $0.85 or 3.21% at 27.35.
TSMC closed $0.61 or 3.00% lower at 19.70. UMC closed down $0.48 or 4.77% at 9.58. Advanced Semiconductor closed down $0.15 or 2.86% at 2.86. Chartered Semiconductor slipped $1.80 or 6.30% lower to 26.75. ST Assembly closed down $1.37 or 8.42% at 14.90.
Huaneng Power closed $0.11 higher at 27.51. The company reported full-year earnings per ADR of 24.24 yuan - approximately $2.93.
The company said that its net operating revenue was 15.791 billion yuan which was a 25.79% increase over the previous year. Net profit was 3.451 billion yuan, a 37.16% increase from the prior year.
China Mobile closed down $0.59 or 3.61% at 15.76. China Unicom closed $0.41 or 3.98% lower at 9.89.
Korean Telecom closed down $0.33 at 22.09, while SK Telecom closed 0.43 lower at 23.27.
PT Telkom closed down $0.14 at 7.88. PT Indosat closed down $0.19 at 10.75.
Philippine Long Distance Telephone closed $0.20 lower at 9.90.
Pacific Internet closed down $0.05 at 2.70.
News Corp fell $1.00 or 3.34% to close at 28.95, while News Corp A closed down $0.86 or 3.41% at 24.34.
