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ADRs in Focus: Chinese Solar Rises



By AP
26 December 2007 @ 02:41 pm EST

NEW YORK - Shares of Chinese-based solar cell makers rose Wednesday, leading the gainers among stocks based overseas that trade on U.S. exchanges, after the Chinese government said it will work to promote use of alternative energy.

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Quotes
CSUN 5.02 -0.97
SOLF 7.5 -1.53
LDK 19.32 -5.38
BRP 36.21 -8.59
KEP 10.4 -0.61
PZE 8.67 -1.68

SYMBOL LOOKUP

The report on China's energy plans described renewable fuels as a "top priority," and said the government will pay more attention to clean energy use.

American Depositary Receipts, or ADRs, of China Sunergy Co. Ltd. jumped $3.09, or 28 percent, to $14.13.

Solarfun Power Holdings Co. Ltd. stock surged $2.49, or 7.5 percent, to $35.64, and hit an all-time high of $37.85.

LDK Solar Co. Ltd. gained $3.36, or 6.9 percent, to $52.04.

The Bank of New York ADR composite index, which tracks shares of a broad range of companies based in other countries, rose 1 points to 192.20 in afternoon trading. The bank's European, Asian and Latin American indexes each moved slightly higher, as U.S. markets were mixed in generally light trading.

On the downside, shares of Brasil Telecom Participacoes SA slid $2.08, or 2.7 percent, to $74.14.

Korea Electric Power Corp. lost $1.08, or 4.7 percent, to $21.91.

Shares of Brazilian oil company Petrobras Energia Participaciones S.A., which reached an annual high on Monday, fell 27 cents, or 2 percent, to $13.08.

Copyright 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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