ADR Report:Shares Up On Hopes Greece Will Survive Confidence Vote

Date : 06/21/2011 @ 5:27PM
Source : Dow Jones News
Stock : Baidu ADS, Each Representing One Tenth Class A Ordinary Share (MM) (BIDU)
Quote : 264.9  0.38 (0.14%) @ 8:00PM

ADR Report:Shares Up On Hopes Greece Will Survive Confidence Vote

China Real Estate Information Corp. ADS, Each Representing One Ordinary Share (MM) (NASDAQ:CRIC)
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International companies trading in New York closed higher Tuesday, in line with the broader market, as shares were buoyed by hopes that Greece's government will survive a crucial confidence.

The Bank of New York index of ADRs ended up 1.8% at 139.50.

European bank shares ended higher amid expectations surrounding the Greek vote, anticipated around midnight Athens time. Prime Minister George Papandreou faces a parliamentary vote of confidence, which he must successfully negotiate before trying to push through a new package of austerity measures.

France's Societe Generale SA (SCGLY, GLE.FR) finished 4.5% higher at $11.54. Deutsche Bank AG (DB, DBK.XE) rose 3.5% to $59.40.

National Bank of Greece SA (NBG, ETE.AT) rose 5.3% to $1.40. Fitch Ratings said Tuesday a restructuring or rollover of Greece's debt won't automatically trigger a default by the country's major banks, as any ratings actions will depend on the impact of such an occurrence on the liquidity of the Greek banking system.

The European index rose 2% to 129.68.

Cruise-line operator Carnival Corp.'s (CUK, CCL.LN) shares rose 4.2% to $37.87 after it said its fiscal second-quarter earnings fell a less-than-expected 18%.

Swiss agrochemicals giant Syngenta AG's (SYT, SYNN.VX) shares climbed 4.2% to $66.57 after it said soaring demand for seeds and pesticides should help it more than double revenue generated from its main seed and crop protection products in the next few years.

BP PLC (BP, BP.LN) rose 3.7% to $43.40 after its chairman said he thinks permission to restart oil production in the Gulf of Mexico is not too far away.

The Latin American index increased 1% to 395.23.

Telefonos de Mexico (TMX, TELMEX.MX) rose 2% to $16.31 after S&P Equity Research raised its stock-investment rating on the shares to hold from sell, citing valuation following the stock's decline since the end of April. The firm now sees the shares "fairly valued and supported by a dividend," as its price-to-earnings ratio represents a discount to its peers.

Brazilian state-run electricity company Centrais Electricas Brasileiras SA (EBR, ELET6.BR) finished 1.4% higher at $13.25 after it reported its first-quarter profit rose amid higher revenue.

The Asian index rose 1.8% to 133.57.

Chinese Internet search provider Baidu Inc.'s (BIDU, K3SD.SG) shares rose 8% to $127.71 after it said China Real Estate Information Corp. (CRIC) will pay it CNY180 million over three years under an expanded strategic agreement.

Ambow Education Holding Ltd. (AMBO) climbed 5.8% to $5.82 after a Signal Hill analyst said U.S.-listed companies present a buying opportunity for education providers. The analyst said Ambow's stock has been pressured by wariness of Chinese small- and mid-caps.

The emerging markets index gained 1.8% to 326.07.

South Korean steelmaker Posco (PKX, 005490.SE) rose 5.6% to $102.41 after an official said the acquisition of land for a steel plant was delayed only temporarily by heavy rain as well as protests by villagers opposed to the factory being set up in the area.

-By Matt Jarzemsky, Dow Jones Newswires; 212-416-2240; matthew.jarzemsky@dowjones.com

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