American Depositary Receipts of Asian banks and financial companies declined on Thursday following a surge in oil prices and inklings of trouble in the financial sector.
On Wall Street, Goldman Sachs downgraded shares of Citigroup Inc., and Merrill Lynch & Co., while oil prices rose after OPEC President Chakib Khelil told a French television station that oil may hit between $150 and $170 per barrel this summer.
In afternoon trading, shares of ICICI Bank Ltd. declined $1.47, or 4.5 percent, to $31.20; shares of HDFC Bank Ltd. shed $4.58, or 6 percent, to $72.42; and shares of Shinhan Financial Group Co. declined $4.40, or 4.7 percent, to $88.34.
Woori Finance Holdings Co.'s stock declined $1.17, or 2.4 percent, to $48.54, and shares of Mitsubishi UFJ Financial Group Inc. declined 31 cents, or 3.4 percent, to $8.80.
The Bank of New York Asia ADR Index, which tracks shares of companies based in China, India, Australia and elsewhere, fell 5.18 points, or 3.4 percent, to 148.99. ADR stands for American Depositary Receipt, which is a security designed to allow U.S. investors trade shares of companies based overseas.
The Bank of New York Composite ADR Index decreased 4.21 points, or 2.5 percent, to 166.38.
In Asia, markets were mixed after the U.S. Federal Reserve's decision to leave interest rates unchanged on Wednesday. Australian and Indian benchmarks led the region's gainers, while Hong Kong, Taiwan, Singapore and Thailand shares fell.
The benchmark Shanghai Composite Index closed down 0.1 percent at 2,901.85 points.
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