American depositary receipts of Asian companies fell Monday after China’s markets fell on ongoing concerns about slowing economic growth there.
Diplomatic tensions between China and Japan increased after the Shanghai Maritime Court seized a ship owned by Japan’s Mitsui O.S.K. Lines Ltd. over a legal dispute going back to the 1930s. Japan’s top government spokesman said the seizure could hurt bilateral relations.
The Bank of New York Mellon Asia ADR Index fell 0.5% on Monday, compared with little change in the S&P 500 Stock Index.
China Digital TV Holding Co. (STV) led declines with a 7% drop to to $2.80 per ADR, followed by Kingtone Wirelessinfo Solution Holding Ltd.’s (KONE) 6.6% decline to $4.49 per ADR.
Chinese ADRs declining on Monday also included Qihoo 360 Technology Co. (QIHU) -4%, Ku6 Media Co. (KUTV) -3.8% and China Sunergy Co. (CSUN) -3.3%.
Australia’s Samson Oil & Gas Ltd. (SSN) fell 4.4% to $0.36 per ADR as declines continued for a third day.
India’s Wipro Ltd. (WIT) dropped 3.4% to $4.04 per ADR after the company’s guidance on information technology revenue guidance was seen as below estimates by some analysts.