ADR Report: Shares Lower As Solar Companies Extend Losses

Date : 05/18/2012 @ 5:13PM
Source : Dow Jones News
Stock : Yingli Green Energy Holding Company Limited Adr (YGE)
Quote : 2.21  -0.01 (-0.45%) @ 3:59PM

ADR Report: Shares Lower As Solar Companies Extend Losses

JA Solar Holdings, Co., Ltd. ADS, Each Representing Five Ordinary Shares (MM) (NASDAQ:JASO)
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International companies trading in New York closed lower Friday, in line with the broader market, amid continuing euro-area worries and concerns about slowing Chinese growth.

The Bank of New York index of ADRs fell 0.7% to 112.76 as shares of solar-panel makers extended their declines.

On Thursday U.S. trade officials ordered duties of 31% on China's top makers of solar panels. The Department of Commerce said products made by Suntech Power Holdings Co. (STP, K3ND.SG), Trina Solar Ltd. (TSL, K3KD.SG) and 59 other Chinese exporters will face the 31% antidumping duty, which it said it was levying because the companies sold their products in the U.S. at less than fair value.

Shares of Suntech Power slumped 6.1% to $2 and Trina Solar declined 6.3% to $5.70. JA Solar Holdings Co. (JASO) dropped 15% to 89 cents and Yingli Green Energy Holding Co. (YGE) ended off 10% to $2.52.

The Asian index shed 1.5% to 112.78.

Shares of social network operator Renren Inc. (RENN) sank 21% to $4.93 as Facebook Inc.'s (FB) debut was more tepid than investors had anticipated.

The European index declined 0.4% to 103.96.

RBC Capital Markets downgraded Anglo American PLC (AAUKY, AAL.LN) to sector perform from outperform "to reflect uncertainty about the profitability of the South African platinum group metal sector." It added the sector is also struggling with a volatile labor situation as a new trade union attempts to gain ground. Shares of Anglo American fell 1.6% to $15.71.

The Latin American index traded down 0.2% to 302.22 and the emerging markets index lost 0.6% to 260.10.

Colombian Finance Minister Juan Carlos Echeverry said Friday the government plans to force some banks to increase their reserves on new consumer loans amid a worrisome rise in past-due credit. Shares of Colombia's top lending institution BanColombia SA (CIB, BCOLOMBIA.BO) fell 2.3% to $60.59.

The European Union respects Argentina's decision to seize control of YPF SA (YPF, YPFD.BA) but expects the South American country to compensate the Spanish oil heavyweight, an EU official said in an interview published Friday. YPF is a unit of Repsol YPF SA (REP.MC). Shares of YPF fell 4.8% to $12.35.

-By Corrie Driebusch, Dow Jones Newswires; 212-416-2143; corrie.driebusch@dowjones.com

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