April 23, 2013
/PRNewswire/ -- Prices of depositary receipts (DRs) for Asian technology companies led gains in the first quarter as DR trading rose more than 10% over the end of 2012, according to the BNY Mellon Classic ADR Index
Series. Their appreciation was helped by surging U.S. equity markets in the period, which reached levels not seen since before the financial crisis.
's Himax Technologies and Inotera Memories saw the price of their DRs more than double during the first three months of the year, with
's WSP, Vipshop and Camelot Information Systems seeing increases by more than half -- driven by U.S. markets. But the biggest price gain was that of U.K. travel agent
, which saw its local stock rise too, following restructuring initiatives by the company.
"Investors still seem to favor stalwart sectors like technology, oil and gas, as well as banking when purchasing depositary receipts for their portfolios,"
Christopher M. Kearns
, CEO of BNY Mellon's Depositary Receipts business. "There are now more than 3,700 DR programs available to the world's investors, compared with 3,500 a year ago."
DRs typically represent non-U.S. ordinary shares and trade on traditional and over-the-counter (OTC) markets and stock exchanges.
Meanwhile, the top-performing BNY Mellon country indices consisting of DRs from companies in
ranked ahead of those from
– in contrast with the trend in 2012, when returns on indices for Western European countries such as
"Returns on our
indices were solid this past quarter," said Kearns. "
remains the largest and deepest DR market in the world with 11 billion DRs totaling
traded in the first quarter."
As the only real-time index to track all American Depositary Receipts (ADR),
shares and global registered shares traded on the NYSE, NASDAQ and over-the-counter, the BNY Mellon Classic ADR Index has become an established international benchmark.