ADRs in Focus: Emerging Markets

The Bank of New York Emerging Markets ADR Index which includes shares of companies based in India, South Korea, Argentina and more lost 6 points, or 1.9 percent, to 319.41. ADR stands for American Depositary Receipt, which is a security designed to allow U.S. investors to trade shares of companies based overseas.

India's ICICI Bank Ltd. shed $3.92, or 6.4 percent, to $57.76. Jefferies & Co. analyst Anindya Chatterjee kept his "Buy" rating and said the drop is an investment opportunity, Chatterjee said.

He kept his $87 price target, but warned that its kept under review because of a potential global economic slowdown and continued correction in the equity markets.

HDFC Bank Ltd., also based in India, gave up 95 cents to $112.20 and Argentina's BBVA Banco Frances SA lost 18 cents, or 2.6 percent, to $6.80.

Kookmin Bank, South Korea's largest lender, fell $3.18, or 4.7 percent, to $64.70.

Woori Finance Holdings Co. Ltd., also based in South Korea, shed $3.14, or 5.3 percent, to $56.45.

Brazil's Banco Bradesco SA decreased $1.14, or 4.4 percent, to $24.72.

Bucking the trend, Columbia's Bancolombia SA gained 40 cents to $30.35, and Argentina's Banco Macro SA rose 19 cents to $22.14.

The Bank of New York Composite ADR Index shed 3.09 points, or 1.9 percent, to 163.09.