ADR Report: Shares Decline As Greek Worries Persist Despite Bailout
21 Février 2012 - 11:32PM
Dow Jones News
International companies trading in New York closed mostly lower
Tuesday, as stocks pulled back even after euro-zone finance
ministers approved terms of a bailout package for the country.
The Bank of New York index of ADRs slipped 0.1% to 132.10 as
fears remained that at some time in the future, Greece may be
forced to look for more money or default. The agreement requires
private creditors to take a larger write-down on their Greek debt
than they previously agreed to.
Shares of the National Bank of Greece SA (NBG, ETE.AT) tumbled
7.8% to $3.56.
The European index, however, ticked up 0.1% to 120.97.
Banks and analysts said European banks can absorb hefty Greek
bond losses caused by their contribution to the country's rescue
plan, having set aside enough cash to cope with the long-awaited
deal.
Credit Agricole SA (CRARY, ACA.FR) shares were lifted 2.4% to
$3.41, Banco Bilbao Vizcaya Argentaria SA (BBVA, BBVA.MC) traded up
2.1% to $9.32 and BNP Paribas SA (BNPQY, BNP.FR) gained 1.2% to
$24.51.
The Asian index fell 0.6% to 129.81.
Ctrip.com International Ltd.'s (CTRP, K3RD.SG) fourth-quarter
results were mainly in line with analysts' estimates, but Raymond
James and Brean Murray Carret both cut their investment ratings on
the stock, with Brean Murray worrying about the structural change
the company is going through and concerned factors pressuring its
margins--including labor costs--are unlikely to go away soon.
Shares of the online-travel company lost 7% to $22.96.
The Latin American index declined 0.3% to 379.93 and the
emerging-marketse index closed down 0.8% at 313.88.
Grupo Radio Centro SAB de CV's (RC, RCENTRO.MX) fourth-quarter
broadcasting expenses increased year over year due to higher
broadcasting expenses for its Los Angeles radio station, increased
promotional expenses and the depreciation of the Mexican peso.
Shares of Grupo Radio Centro lost 5.1% to $9.49.
-By Corrie Driebusch, Dow Jones Newswires; 212-416-2143;
corrie.driebusch@dowjones.com
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