ADRs End Higher, International Consolidated Airlines and Taiwan Semiconductor Trade Actively

By Kathryn Hardison

International stocks trading in New York closed higher on Thursday.

The S&P/BNY Mellon index of American depositary receipts rose 2.2% to 121.98. The European index increased 2.8% to 116.01, the Asian index rose 1.5% to 141.20, the Latin American index increased 1.9% to 184.22 and the emerging markets index increased 1.5% to 245.24.

International Consolidated Airlines Group SA and Taiwan Semiconductor Manufacturing Co. were among the companies with ADRs that traded actively.

ADRs of International Consolidated Airlines climbed 10% after it reported that performance in the third quarter has been better than expected, driven by passenger revenue strength. The company said forward bookings remained at expected levels for the time of year, with no indication of weakness.

Taiwan Semiconductor Manufacturing ADRs rose 3.9% after the company said its third-quarter net profit rose 80% from a year ago because of a surge in revenue and higher margins. The world's largest contract chip maker also said that it had been granted a one-year exemption from new U.S. restrictions on China's chip sector, allowing it to keep expanding its facilities in the country. Still, executives flagged a likely decline in the semiconductor industry next year and cut the company's capital expenditure forecast by about 10% for the current year.

ADRs of Volkswagen AG rose 3% after the company said it will invest more than 2 billion euros ($1.94 billion) in a joint venture in China that aims to advance efficiency in automated driving.

Write to Kathryn Hardison at [e-mail]

(END) Dow Jones Newswires

October 13, 2022 17:06 ET (21:06 GMT)

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