ADRs End Higher; China Eastern Airlines, Siliconware Precision Trade Actively
November 24 2017 - 5:13PM
Dow Jones News
By Aisha Al-Muslim
International stocks trading in New York closed higher on
Friday.
The BNY Mellon index of American depositary receipts rose 0.7%
to 152.25. The European index increased 0.8% to 140.38. The Asian
index improved 0.5% to 182.26. The Latin American index increased
0.2% to 245.48. And the emerging-markets index increased 0.5% to
331.18.
China Eastern Airlines Corp. (CEA), China Southern Airlines Co.
(ZNH), Siliconware Precision Industries Co. Ltd. (SPIL), Advanced
Semiconductor Engineering Inc. (ASX), and Telecom Italia SpA (TI)
were among the companies with ADRs that traded actively.
A strengthening yuan is expected to give Chinese airlines'
earnings a further boost the next two years, says investment bank
Bocom. ADRs of China Eastern Airlines rose 0.6% to $31.55, while
ADRs of China Southern Airlines rose 1.5% to $48.
Siliconware and Advanced Semiconductor have received all
necessary antitrust clearances, clearing the way for a merger, the
companies said Friday. The deal to create ASE Industrial Holding
Co. is expected to be completed by the end of May. ADRs of
Siliconware rose 5.3% to $8.36, while Advanced Semiconductor rose
12% to $7.07.
As speculation mounts surrounding a possible spinoff of Telecom
Italia's fixed-line network, analysts at UBS see "indications that
both the government and TI appear keen to start a process aimed at
a structural separation of the network." Telecom Italia's
management is focusing on digitalization, convergence and customer
experience. ADRs rose 5.3% to $8.55.
Write to Aisha Al-Muslim at aisha.al-muslim@wsj.com
(END) Dow Jones Newswires
November 24, 2017 16:58 ET (21:58 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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