ADR Review: Good Riddance Q1
By Staff Dispatch, AsiaWise
2 Apr 2001 9:30 (GMT +08:00)
Closing out a miserable quarter, virtually all major international equity markets edged up slightly on Friday. The Nasdaq and DJIA traded up 1.1% and 0.8% respectively.
The Bank of New York ADR Index floated up 0.3% while BONY’s Asian ADR Index slid 0.4%.
Japanese ADRs
Japanese ADRs were mixed on light volume with decliners nosing out advancers.
Reverting to form, Internet Initiative Japan was pounded down 6.7% on very light volume to $10.38 (1,299,470 yen/ordinary). Losing 4.1%, Pioneer Electronic ended at $25.75 (3,225 yen/ordinary).
Japanese leaders on Friday included Matsushita Electric ($18.45; 231 yen/ordinary) and Bank of Tokyo-Mitsubishi ($9.58; 1,200 yen/ordinary), adding 3.7% and 3% respectively. The banking giant’s ADRs ended the day with a whopping 6.9% premium to ordinaries.
Korean ADRs
Building on Thursday’s strength, Hanaro Telecom shot up 10.9% in very light trading to $2.22 (2,940 won/ordinary). In marked contrast, Mirae Corporation slumped 8.3% to $2.06 (1,367 won/ordinary).
In a major step in the privatization and restructuring of Korea Electric Power ($8.13; 21,545 won/ordinary), the government will split the company’s generating operations into six distinct companies on Monday.
Hong Kong & China ADRs
Hong Kong and Chinese ADRs had another strong day with winners beating losers more than five to one. Just under half of the country’s issues sparked up more than 4%.
Leading the pack, Brilliance China shot up 12.3% on the Big Board to close at $28.55 (H$2.23/ordinary). Other big gainers include Shanghai Petrochemical ($12.74; HK$0.99/ordinary), Beijing Yanhua ($6.45; HK$1.01/ordinary), and City Telecom ($1.47; HK$0.57/ordinary), squirting ahead 9.9%, 7% and 6.8% respectively. City Telecom ADRs ballooned to an 8.1% premium.
Only three Chinese and Hong Kong issues traded down on Friday. Sinopec was pounded down 9.5% to $13.58 (HK$1.06/ordinary). The petrochemical company’s ADRs are waving a 13.9% discount to ordinaries. More than giving up the gains earned over the prior two sessions, Jilin Chemical shed 7.7% to $6.74 (HK$0.53/ordinary).
Following on the heels of Wednesday’s disappointing earnings report, Pacific Century Cyberworks ($3.95; HK$3.08/ordinary) announced that it would slash it’s Japanese staff by 50% and that it would close all five of the company’s Japanese amusement parks.
Punters take note that iCable Communications ($9.00; HK$3.51/ordinary) offers up a 6.4% discount to ordinaries.
Taiwan ADRs
After a brief respite, Taiwan ADRs were again pushed broadly lower on Friday. Giving back more than half of Thursday’s gain, Siliconware Precision slipped 3% to $4.00 (NT$26.24/ordinary). Taiwan’s only gainer, Advanced, added 1.8% to $4.55 (NT$29.85/ordinary).
Singapore ADR
Punch drunk from a week long losing streak, ST Assembly Test ($9.25; S$1.67/ordinary) should be thrilled to be unchanged on razor thin volume.
Indonesian ADRs
Indosat was unchanged at $7.62 (Rp 7,932/ordinary) and PT Telekomunikasi traded up again, adding 1.5% to $4.65 (Rp 2,420/ordinary).
Philippine ADR
Philippine Long Distance Telephone Company slipped 0.2% to $14.35 (709 pesos/ordinary).
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