U.S.-traded shares of companies based in Latin America declined on Wednesday as Wall Street was battered by lower-than-expected earnings from U.S. shipper FedEx Corp. and an afternoon spike in oil prices.
The Bank of New York Latin America ADR Index gave up 5.05 points, or 1.1 percent, to 467.84 in afternoon trading. ADRs, or American Depositary Receipts, are securities designed to allow U.S. investors to trade shares of companies based overseas.
The Dow Jones industrial average fell below 12,000 for the first time since March on Wednesday after FedEx posted a fourth-quarter loss and warned that weakening demand and surging fuel costs will weigh on fiscal 2009 profits.
The package shipper is widely considered a bellwether of the U.S. economy.
Light sweet crude for July delivery climbed $2.67 to $136.68 a barrel in afternoon trading on the New York Mercantile Exchange after the U.S. Energy Department said crude oil supplies fell last week.
The Dow Jones industrial average was off 110.16, or 0.91 percent, to 12,050.14.
Mexico-based Grupo Radio Centro SAB de CV lost $1.05, or 8 percent, to $12.09.
Mexican shipping company Grupo TMM SAB declined 9 cents, or 5 percent, to $1.71.
Brazilian homebuilder Gafisa SA gave up $1.93, or 4.9 percent, to $37.85.
Among the gainers, Chile-based supermarket chain Distribucion y Servicio SA climbed $1.61, or 7.2 percent, to $24.14.
Argentine bank Grupo Financiero Galicia SA climbed 35 cents, or 7.1 percent, to $5.27.
Chilean fertilizer maker Sociedad Quimica y Minera de Chile SA rose $3, or 5.7 percent, to $54.50. Shares hit an all-time high of $55.52 earlier in the session.
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