By Dow Jones Business News, September 19, 2013, 05:05:00 PM EDT
By Anna Prior
International companies trading in New York closed lower Thursday as investors hit the pause button a day after the
U.S. Federal Reserve said it will continue its open-ended economic stimulus efforts.
The Bank of New York index of ADRs slipped 0.5% to 146.57.
Thursday's decline comes a day after a sharp increase as the Fed said it would continue its $85 billion-a-month bond
buying, surprising many investors who expected the central bank to scale back the program.
Meanwhile, data showed that U.K. retail sales for August fell unexpectedly.
The European index fell 0.5% to 140.62.
Time is running out for Telecom Italia SpA (TI, TIA, TIT.MI) to address its balance sheet and assuage the credit
agencies, said Berenberg as it trimmed its price target for the Italian telecom operator but kept its hold rating.
Shares fell 1.2% to $7.96.
The U.K. government took the first step in returning its share in bailed-out bank Lloyds Banking Group (LYG, LLOY.LN)
to private investors. The privatization process will be gradual. After this week's 6% share sale, the government said it
doesn't plan to sell any more shares for at least 90 days. Shares fell 1.2% to $4.94.
Shares of Royal Philips NV (PHG, PHIA.AE) slipped after the Dutch electronics and health-care company gave a company
update ahead of its London Capital Markets Day. RBC Capital Markets noted that Philips increased its group margin target
but questions whether it will be enough. Shares edged down 0.9% to $32.62.
The Asian index dropped 0.5% to 149.58.
Australian metal and electronics recycler Sims Metal Management Ltd. (SMS, SGM.AU) said it intends to voluntarily
delist is American depositary receipts from the New York Stock Exchange on or around Oct. 11. Shares fell 2.2% to $9.20.
Tata Motors Ltd. (TTM, 500570.BY), along with Hyundai Motor Co. (HYMLY, 005380.SE) and General Motors Co. ( GM ), is
raising its vehicle prices in India to counter higher costs, caused mainly by a sharp fall in the rupee. Shares of the
Indian auto maker rose 0.8% to $27.67.
The Latin American index slid 0.5% to 301.34, while the emerging-markets index fell 0.4% to 281.88.
Despite gold futures continuing to rise a day after the Federal Reserve surprised investors by announcing it would
stick to its bond-buying program, shares of South African gold miners gave up some of Wednesday's gains. Harmony Gold
Mining Co. (HMY, HAR.JO) fell 8% to $3.79, while Drdgold (DRD, DRD.JO) dropped 8% to $5.88, Gold Fields Ltd. (GFI,
GFI.JO) fell 5.4% to $4.95, and AngloGold Ashanti Ltd. (AU, ANG.JO) fell 3.4% to $13.81.
Bucking the downward trend was Brazilian phone company Oi SA (OIBR, OIBR4.BR, OIBRC) said late Wednesday it would pay
dividends of 30 centavos, or about 14 cents, a share. Oi preferred shares--to which the dividends are tied--rose 3.9% to
Write to Anna Prior at firstname.lastname@example.org
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