ADRs in Focus: China ADR index rises

The benchmark Shanghai Composite Index surged 9.3 percent on Thursday, after the government lowered a tax on stock transactions to try to boost troubled markets hurt by problems related to the U.S. credit crisis.

In afternoon trading, the Bank of New York China ADR Index rose 1.56 points to 518.03. ADR stands for American Depositary Receipt, which is a security designed to allow U.S. investors to trade shares of companies based overseas.

In the U.S., stocks rose on a decline in weekly unemployment claims and better-than-expected results from Ford Motor Co.

In afternoon trading, many Chinese ADRs rose, including Trina Solar Ltd., advancing 23 cents to $42.19.

Sinopec Shanghai Petrochemical Co., one of the largest chemical companies in the People's Republic, rose 57 cents to $42.94.

New Oriental Education & Technology Group rose $2.23, or 3.1 percent, to $74.45.

Baidu.com Inc., a Chinese online search engine operator, declined $2.27 to $347.38.

Aluminum Corporation of China Ltd. rose $2.42, or 5.5 percent, to $46.17.

China Finance Online Co. advanced $1.35, or 7.8 percent, to $18.64.

China Southern Airlines Co. lost 6 cents to $33.44.