BHP Billiton Among Asia ADRs Pressured by Reports of Violence in Iraq; Solar Stocks Gain on Oil Prices
BHP Billiton Ltd. ( BHP ) was among the materials companies pressured on Wednesday by news of escalating violence in Iraq.
Syrian fighter jets hit targets in western Iraq, killing at least 50 people, according to press reports. Chinese solar stocks posted broad gains as oil prices remained near nine-month highs.
The Bank of New York Mellon Asia ADR Index was flat, compared with a 0.3% gain for the S&P 500 Stock Index. Asia ADR advancers led decliners 88 to 63.
BHP Billiton fell 0.4% to $67.77 per ADR, while Indian materials company Sesa Sterlite Ltd. ( SSLT ) slipped. 0.3%.
China Telecom Corp. ( CHA ) fell 2.1% to $48.20, an eight-week low. The listing peaked at $54 a share on May 8 before declining as brokerages downgraded their ratings on the telecom company.
Asian ADR decliners included thinly traded listings: Taomee Holdings Ltd. ( TAOM ) -4.2%, Kingtone Wirelessinfo Solution Holding Ltd. ( KONE ) -4.2% and Concord Medical Services Holdings Ltd. (CCM) -3.2%.
Chinese solar-industry gainers included Hanwha Solarone Co. (HSOL) +5.1%, Yingli Green Energy Holdings Co. (YGE) +3.4%, JA Solar Holdings Co. (JASO) +2.1% and Renesola Ltd. (SOL) +2.1%.
Asian ADR advancers included WSP Holdings Ltd. (WH) +5.7%, Lentuo International Inc. (LAS) +5.5% and Tuniu Corp. (TOUR) +5.4%.