American Depositary Receipts of Asian financial institutions traded mixed Thursday, despite investors' concerns about the health of the financial sector in the U.S.
On Wall Street, shares of mortgage finance companies Fannie Mae and Freddie Mac dropped sharply because of continued doubts about their access to financing.
In afternoon trading, ADRs of India's ICICI Bank Ltd. rose 12 cents to $28.08; shares of HDFC Bank Ltd., also based in India, fell $1.36 to $72; and shares of South Korea-based Shinhan Financial Group Co. declined 68 cents to $86.69.
Woori Finance Holdings Co.'s stock rose 46 cents to $45.71, and shares of Japan's Mitsubishi UFJ Financial Group Inc. added 22 cents, or 2.6 percent, to $9.06.
The Bank of New York Mellon Asia ADR Index, which tracks shares of companies based in China, India, Australia and elsewhere, rose 1.82 points, or 1.2 percent, to 145.55. The index has declined 12.7 percent so far this year.
ADR stands for American Depositary Receipt, which is a security designed to allow U.S. investors trade shares of companies based overseas.
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