An index of emerging market ADRs rose slightly Thursday afternoon after the U.S. government said consumer spending crawled higher while the number of applications for unemployment benefits jumped in December.
The Bank of New York Emerging Markets ADR Index _ which includes shares of companies based in China, South Korea, the Philippines and more _ gained 2.87 points to 340.70. ADR stands for American Depositary Receipt, which is a security designed to allow U.S. investors to trade shares of companies based overseas.
The Commerce Department said consumer spending rose 0.2 percent in the last month of 2007, down from a 1 percent gain in November. The news had little effect on emerging market retail ADRs, all of which rose.
China's Acorn International Inc. gained 44 cents. or 5.6 percent, to $8.36.
South Korea's Gmarket Inc. added 8 cents to $20.53.
Yet staffing stocks fell, dragged down by news from the Labor Department that the number of laid off workers applying for unemployment benefits rose to 375,000 in December from 306,000 the previous month.
China's 51job Inc. lost 41 cents, or 2.2 percent, to $17.96.
And eTelecare Global Solutions Inc., based in the Philippines, shed 5 cents to $8.60.
The Bank of New York Composite ADR Index gained 1.24 points to 173.02, following the U.S. markets higher in afternoon trading.
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