ADR REPORT: Shares Mostly Up As ECB Bond Buying Lifts Region

International companies trading in New York closed mostly higher Friday as a second day of bond-buying by the European Central Bank boosted the region's financial stocks.

The Bank of New York index of ADRs edged up 0.4% to 127.09.

The ECB returned to the secondary bond market for the second day in a row, buying Irish and Portuguese debt. The central bank was also said to be open to buying Spain's and Italy's government bonds, but that it is not committed to the idea, the Wall Street Journal reported.

Shares of Banco Bilbao Vizcaya Argentaria SA (BBVA, BBVA.MC) rose 6.7% to $9.51, while Banco Santander SA (STD, SAN.MC) increased by the same percentage to $9.39.

The European index rose 1% to 116.26.

Telecom Italia SpA (TI, TIT.MI), Italy's largest telecommunications operator, confirmed its full-year targets of broadly stable revenue and earnings before interest, tax, depreciation and amortization, easing investors' concerns over a possible guidance cut. Shares jumped 13% to $12.42.

The Asian index dipped 0.5% to 126.90.

KT Corp. (KT, 030200.SE), South Korea's largest fixed-line operator and second-largest mobile carrier by revenue, reported a marginal increase in second-quarter profit that missed analysts' expectations. Shares fell 4.7% to $18.07.

WSH Holdings Ltd. (WH), a Chinese maker of casing, tubing and drill pipes for the oil and gas industries, was notified by the New York Stock Exchange it is not in compliance with listing standards involving its share price. Shares plunged 19% to 52 cents.

The Latin American index slid 0.6% to 355.61.

The Estado de S Paulo newspaper reported Brazilian electric utilities are pressuring the country's Mines and Energy Ministry to keep state-controlled oil company Petroleo Brasileiro SA (PETR4.BR, PBR) out of this month's energy auction. Electric companies have complained about the unfair advantage the company will have in the auctions, the report said. Its shares fell 2.7% to $29.07.

Argentine bank Banco Macro SA (BMA, BMA.BA) said Thursday that its second-quarter net profit rose 16% from a year earlier as a consumer spending spree underpinned strong demand for credit. But shares dipped 0.3% to $30.72 as loan loss provisions more than doubled to ARS62 million, while income taxes rose to ARS148.9 million from ARS72.3 million.

The emerging markets index retreated 0.9% to 299.17.

Indian metals stocks fell on worries that global economic worries will sap commodities demand, K.R. Choksey Shares & Securities Managing Director Deven Choksey said. Shares of India's Sterlite Industries (SLT, 500900.BY) shares fell 3% to $12.72.

Some South African miners also saw declines as Gold Fields Ltd.'s (GFI, GFI.JO) shares fell 3.3% to $14.80 and Evraz Highveld Steel & Vanadium Corp. (HGVLY, EHS.JO) dropped 5.7% to $5.80.

-By Matt Jarzemsky, Dow Jones Newswires; 212-416-2240; [e-mail]