ADRs in Focus: Emerging markets oil and gas

NEW YORK - Emerging markets oil and gas ADRs mostly fell Friday despite record-high crude prices on the New York Mercantile Exchange above $126 per barrel, while shares of Petrobras rose after a stock split.

Light, sweet crude for June delivery rose $1.81 to $125.50 per barrel during afternoon trading after breaching the $126 mark earlier in the session.

ADR stands for American Depositary Receipt, which is a security designed to allow U.S. investors to trade shares of companies based overseas.

The jump was due in part to concerns Venezuela may cut exports to the U.S. if the Bush administration imposes sanctions on the South American country because of its connections to Colombian rebels.

Yet the price jump did little to help shares of some of the world's largest oil companies, including those in emerging markets.

Shares of China Petroleum & Chemical Corp. shed $3, or 3 percent, to $98.13 while shares of South Africa's Sasol Ltd. slipped $1.45, or 2.2 percent, to $61.99.

Shares of PetroChina Co. Ltd. fell $5.58, or 3.9 percent, to $139.42 and shares of Hong Kong's CNOOC Ltd. dropped 26 cents to $180.41.

Petrobras rose in the session after the Brazilian company completed a two-for-one stock split on Thursday. Lehman Brothers raised its price target to $59 from $46.50, taking into account the split, and reiterated an "Equal-weight" rating. Petrobras shares rose 28 cents to $64.05.

Shares of Argentina's Petrobras Energia Participaciones SA jumped 35 cents, or 2.8 percent, to $13.35

The Bank of New York Emerging Markets ADR Index — which includes shares of companies based in China, Argentina, Brazil and more — lost 3.48 points to 370.81.

The Bank of New York Composite ADR Index fell 2.06 points to 181.71 as the U.S. markets fell in afternoon trading.

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