Asian banking and financial ADRs were mixed Monday, after Bank of America Corp. posted weaker-than-expected profit for the first quarter.
Investors seemed doubly cautious about extending last week's gains on the news and after smaller, regional bank National City Corp. posted a $171 million first-quarter loss and lowered its dividend.
Shares of Asia-based financial institutions traded mixed, though an index of Asian ADRs was slightly higher.
Mizuho Financial Group Inc. declined 28 cents, or 3 percent, to $8.99, while Woori Finance Holdings Co. retreated 85 cents to $57.15. Shinhan Financial Group Co. of South Korea lost $2.02 to $110.70.
On the rising side, Westpac Banking Corp. gained $5.20, or 4.9 percent, to $111.42; India's ICICI Bank Ltd. rose $1.70, or 4 percent, to $43.90; and Mitsubishi UFJ Financial Group Inc. added 3 cents to $9.96.
The Bank of New York Asia ADR Index rose 1.89 points to 157.95. ADR stands for American Depositary Receipt, which is a security designed to allow U.S. investors to trade shares of companies based overseas.
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