Microsoft Corp.'s decision to walk away from Internet portal Yahoo Inc. reverberated even in emerging markets Monday, as technology ADRs mostly slid in afternoon trading.
The software giant's decision to abandon the buyout sent Yahoo shares down sharply during the afternoon session. The news negatively affected U.S. markets, with the Dow Jones industrial average, Nasdaq and Standard & Poor's 500 all falling.
The Bank of New York Emerging Markets ADR Index _ which includes shares of companies based in India, Israel, Brazil and more _ lost 0.43 points to 379.45. ADR stands for American Depositary Receipt, which is a security designed to allow U.S. investors to trade shares of companies based overseas.
Shares of India's Tata Communications Ltd. dropped $1.20, or 4.7 percent, to $24.30.
Shares of Israel's Partner Communications Co. shed $1.09, or 4.6 percent, to $22.60.
Shares of Brasil Telecom SA fell $1.32, or 3.9 percent, to $32.73.
China Mobile Ltd. shares slipped $1.47 to $86.63.
Shares of Brazil's Vivo Participacoes SA decreased 12 cents to $7.24.
Among the stocks rising and bucking the larger sector trend, shares of Brazil's Tele Norte Leste Participacoes SA rose 68 cents, or 3 percent, to $23.57.
Shares of America Movil SAB de CV, base in Mexico, gained 48 cents to $58.33.
The Bank of New York Composite ADR Index gained 0.06 points to 185.09 as the U.S. markets slid in afternoon trading.
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