ADRs End Lower, Tencent and British Land Co. Trade Actively

By Kathryn Hardison

International stocks trading in New York closed lower on Wednesday.

The S&P/BNY Mellon index of American depositary receipts fell 1.3% to 136.85. The European index decreased 0.3% to 132.27, the Asian index fell 1.6% to 157.39, the Latin American index dropped 2.8% to 184.05 and the emerging markets index decreased 2.1% to 268.05.

Tencent Holdings Ltd. and British Land Co. were among the companies with ADRs that traded actively.

ADRs of Tencent Holdings increased 5.2% after it said it is shedding most of its stake in food-delivery company Meituan as the Chinese social-media and videogame giant looks to cash out from its investments in China's internet sector. It said it would distribute more than 958 million shares of Meituan, valued at roughly $20 billion, as a special dividend to Tencent shareholders. Tencent also posted a revenue decline for a second consecutive quarter.

ADRs of British Land fell 1.2% after the company swung to a pretax loss in the first half of fiscal 2023 as portfolio valuations fell on rising interest rates. Still, revenue rose and the company increased its dividend.

Write to Kathryn Hardison at [e-mail]

(END) Dow Jones Newswires

November 16, 2022 18:45 ET (23:45 GMT)

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