ADRs End Higher; Chinese Firms Rise

International stocks trading in New York closed higher on Monday.

The BNY Mellon index of American depositary receipts edged up 0.72% to 144.60. The European index increased 0.5% to 144.06, the Asian index gained 1.02% to 149.89, the Latin American index rose 1.81% to 211.89, and the emerging markets index increased 1.2% to 252.33. Chinese firms were among the companies with ADRs that traded actively.

Chinese companies rose on Monday as Beijing's efforts to reverse a selloff appeared to be holding up. Among the gainers, Sinopec Shanghai Petrochemical Co. (SHI, 0338.HK, 600688.SH, K3DD.SG) rose 3.1% to $45.66, China Southern Airlines Co. (ZNH, 1055.HK, 600029.SH, K3TD.SG) increased 4.3% to $55.14, Baidu Inc. (BIDU, K3SD.SG) rose 2.9% to $193.27, and China Eastern Airlines Corp. (CEA, 600115.SH, 0670.HK) increased 5.1% to $41.45.

The European Central Bank on Monday decided to maintain its ceiling on emergency lending to Greek banks, an ECB spokesman said, hours after the Greek government and its creditors agreed to a rescue deal that would unlock desperately needed financial assistance but also forces Athens to implement a fresh round of painful austerity measures. ADRs of National Bank of Greece SA (NBG, ETE.AT) fell by a penny to $1.20.

Companhia Siderurgica Nacional (SID, CSNA3.BR) is evaluating the possible sale of some assets, part of the Brazilian flat-steel maker company's efforts to reduce its debt costs, company President Benjamin Steinbruch said. One of assets that could be up for sale is the company's 17.42% stake in flat-steel maker Usinas Siderurgicas de Minas Gerais SA (USNZY, USIM3.BR, USIM5.BR), or Usiminas. ADRs of Companhia Siderurgica Nacional shares rose 11% to $1.57.

GOL Linhas Aereas Inteligentes SA (GOL, GOLL4.BR) said it is too early to speculate about how the Brazilian low-cost airline may spend the proceeds of a planned $446 million capital raising. Late Friday, the Brazilian airline said it plans to sell a combined $146 million of stock to its controlling shareholder and Delta Air Lines Inc. (DAL), while GOL also plans to borrow an additional $300 million. ADRs of GOL climbed 15% to $2.20.

Write to Tess Stynes at [e-mail]

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