ADRs in Focus: Emerging Markets

The Bank of New York Emerging Markets ADR Index which includes shares of companies based in India, China, Chile and more gained 0.96 points to 378.87. ADR stands for American Depositary Receipt, which is a security designed to allow U.S. investors to trade shares of companies based overseas.

Bhutto's murder by al-Qaida and Taliban operatives is still likely to wreak havoc on Pakistan's financial health, and may continue to spread unease throughout the subcontinent and globe as her death creates a power-vacuum in the nuclear-armed nation, Citi Investment Research analyst Salman Ali said Friday.

Pakistan's stock market was closed Friday, though no Pakistani companies trade as ADRs.

The Bank of New York India ADR index rose 21.70 points to 1,216.77 Friday, recovering from their Thursday drop.

The index was helped higher by copper producer Sterlite Industries India Ltd., even though the price for copper fell in London on speculation that a U.S. economic slowdown will hurt demand for the metal.

Sterlite added $1.40, or 5.7 percent, to $26.18.

Dr. Reddy's Laboratories Ltd., a pharmaceutical company, gained 37 cents, or 2.1 percent, to $18.32.

Satyam Computer Services Ltd. rose 79 cents, or 3 percent, to $27.37.

HDFC Bank Ltd. added $3.60, or 2.8 percent, to $130.98.