Emerging markets ADRs rose Wednesday afternoon after the U.S. Federal Reserve lowered a key interest rate in a move to jumpstart the beleaguered U.S. economy.
The Fed voted to lower the federal funds rate by a quarter point to 2 percent, and the discount rate by one-quarter of a percent to 2.5 percent.
The Bank of New York Emerging Markets ADR Index _ which includes shares of companies based in China, Mexico, Brazil and more _ gained 4.98 points to 366.42. Before the cut, the index was up about 4.3 points.
ADR stands for American Depositary Receipt, which is a security designed to allow U.S. investors to trade shares of companies based overseas.
South Korea's Kookmin Bank shares rose $2.07, or 3 percent, to $70.14. Before the news, the ADR was up about 2.2 percent.
Shares of Brazil's Perdigao SA, a food producer, gained $4.87, or 10 percent, to $54.89. The stock had jumped about 6 percent before the Fed's action.
Shares of homebuilder Homex Development Corp. shed 47 cents to $60.43, and were down less than a percent before the cut.
Shares of Petrobras, the Brazilian state-owned oil giant, added $3.33, or 2.9 percent, to $120.28. The company, which recently discovered large oil reserves off its coast, was trading down less than 1 percent earlier in the session.
Shares of Chinese Internet portal Baidu.com Inc. lost $4.21 to $369.54. Its stock had oscillated between gains and losses earlier in the day.
The Bank of New York Composite ADR Index gained 2.14 points to 182.38 as the U.S. markets rallied in the afternoon session.
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