ADRs End Lower, Wipro Trades Actively

   By Ali Stratton 
 

International stocks trading in New York closed mostly lower on Friday.

The BNY Mellon index of American depositary receipts declined 0.33% to 144.40. The European index fell 0.42% to 136.24, the Latin American index also edged down 0.49% to 232.12 and the Asian index eased 0.11% to 165.33. Meanwhile, the emerging-markets index edged up 0.03% to 302.88.

Wipro Ltd. (WIT) was among companies whose ADRs traded actively.

The Brazilian government said Thursday it would double some taxes on fuels, as the government struggles to cut its budget deficit. The country suffered its worst recession on record throughout 2015 and 2016, and its persistently weak economy is hurting Brazilian companies and consumers. Among the stocks that fell the most were petrochemical company Braskem SA (BAK) and Petroleo Brasileiro SA (PBR). ADRs of Braskem fell 2.67% to $24.77, while ADRs of Petroleo Brasileiro fell 2.42% to $8.48.

Web-services company Baidu Inc. (BIDU) and securities brokerage China Finance Online Co. (JRJC) both rose in light of reports of positive negotiations Thursday between the U.S. and China. Chinese negotiators said Beijing would work on U.S. priorities, including expanding services trade. ADRs of Baidu rose 0.97% to $193.18 and ADRs of China Finance Online rose 1.48% to $1.37.

Shares in information technology services company Wipro bounced to 15-month highs Friday, following the company's first-quarter report in which it disclosed a larger-than-expected stock buyback plan of $1.7 billion. The Indian outsourcing company posted flat net profit for the quarter as it faces challenges from a changing technological landscape and scrutiny of its U.S. skilled-worker visa program. Despite flat profit, ADRs soared 5.22% to $6.05.

Write to Ali Stratton at [e-mail]

(END) Dow Jones Newswires

July 21, 2017 18:04 ET (22:04 GMT)

Copyright (c) 2017 Dow Jones & Company, Inc.