Reuters: Financial Services and Real Estate: ADR REPORT-Chinese companies lead foreign stocks higher

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ADR REPORT-Chinese companies lead foreign stocks higher May 29th 2012, 19:39 NEW YORK | Tue May 29, 2012 3:39pm EDT NEW YORK May 29 (Reuters) - U.S.-listed shares of foreign companies rose on Tuesday, led by Chinese companies after stocks in the region rose to a three-week high. The BNY Mellon index of leading American depositary receipts rose 0.8 percent, while the Standard & Poor's 500 index gained 0.9 percent. The BNY Mellon index of leading Asian ADRs gained 1.7 percent. Asian shares rose on bargain hunting with Hong Kong shares up for a third straight day. Investors also piled into Chinese infrastructure-related sectors and services as Beijing pushes to stimulate demand in the world's second-largest economy. Worries over the debt crisis in Europe were also feeding investor interest in companies focused on China. U.S.-listed shares of Baidu Inc rose 3.4 percent to $121.54 and China National Offshore Oil Corp rose 2 percent to $183.67. Aluminum China gained 7.6 percent to $10.84 and China Life Insurance rose 4.1 percent to $35.96. The BNY Mellon index of leading European ADRs was up 0.3 percent. Egan-Jones Ratings cut Spain's credit score, the third downgrade in less than a month, saying efforts to support Spanish banks were putting new strains on public finances. But European stocks ended higher, boosted by talk of further steps by the European Central Bank to support the region's banks. The BNY Mellon index of leading Latin American ADRs rose 1.5 percent.

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