ADR REPORT-Foreign shares open 4th quarter with slight gains
By Atossa Araxia Abrahamian
Oct 1 (Reuters) - U.S.-listed shares of foreign companies opened the quarter with modest gains, led by strong stock performances in Latin American companies.
U.S.-traded shares of Argentine companies did particularly well, with telecom holding company Nortel Inversora gaining 7.7 percent to $11.10 and Petrobras Argentina , a subsidiary of Brazil's Petrobras adding 4.4 percent to its share price.
The BNY Mellon index of leading Latin American ADRs gained 1.1 percent on the day. Some of the region's stocks lost ground, such as Chile's IFM Investment Ltd , which fell 4.3 percent, and Mexico's Grupo Casa Saba , a pharmaceutical distributor and wholesaler, which fell 3.5 percent. The broad BNY ADR index for foreign companies traded in the U.S. rose 0.5 percent.
Stock prices of French companies rebounded slightly since Friday's downturn. CGG Veritas , which makes geophysical equipment for oil and gas companies, rose 0.7 percent to $33.07. French stocks fell last week after President Francois Hollande presented his plan to tax businesses and wealthy French citizens at higher rates.
The BNY Mellon index of European stocks listed in the U.S.
gained 0.6 percent, while Asian stocks ended up just 0.04 percent.
Chinese web services company Baidu fell 3.5 percent on worries that the company would lose Internet traffic to competitor Qihoo 360 , a software company that recently launched a new browser. Qihoo fell 1 percent on the day.
An analyst from the investment firm Jefferies Group downgraded Baidu - also known as "China's Google" -- to hold from buy.
(Reporting By Atossa Araxia Abrahamian)
Keywords: MARKETS STOCKS/ADRS