ADRs in Focus: Latin American ADRs wobble

The Bank of New York Mellon Latin America ADR Index slipped 0.63 points to 422.95 in late afternoon trading, after moving back and forth between positive and negative territory during the session.

U.S. stocks were buoyed after the Federal Reserve told Freddie Mac and Fannie May that they can borrow money from the central bank if necessary amid widespread fears over both companies' financial health. Earlier, U.S. Treasury Secretary Henry Paulson said the government plans to keep both companies intact.

Leading gainers, Chilean supermarket chain Distribucion y Servicio SA rose 96 cents, or 4.3 percent, to $23.31.

Peruvian gold miner Compania Minas Buenaventura SA rose $2.19, or 3.6 percent, to $63.37 as gold prices surged to a four-month high on the New York Mercantile Exchange.

Brazilian petrochemicals company Braskem SA added 26 cents, to $15.86.

On the declining side, Argentine telecom Nortel Inversora SA tumbled $1.20, or 10.2 percent, to $10.52 after touching a 52-week low of $10.09 earlier in the session.

Shares of GOL Linhas Aereas Inteligentes SA fell 54 cents, or 6 percent, to $8.51 as the price of oil soared to an all-time high. Fuel is one of the biggest costs for airlines.

Telecom Argentina declined 47 cents, or 3.5 percent, to $12.84 after hitting two-year low of $12.60 earlier in the session.