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ADR REPORT: Nokia, oil stocks fall; Venezuelan telecom climbs

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SAN FRANCISCO (MarketWatch) -A decline in shares of Nokia Corp. and continued losses by energy stocks pressured a broad reading of U.S. shares of foreign companies Wednesday, but CA Nacional Telefonos de Venezuela rose on a report that shareholders will receive compensation as part of government nationalization plans.
The Bank of New York Composite ADR Index was down 0.9% to %162.94.
Volume leader Nokia (NOK : Quote, Profile, Research) was down 2% at $19, a day after Apple Inc. (AAPL : Quote, Profile, Research) unveiled its new high-end iPhone mobile device. Nokia is the world's largest mobile-phone supplier.
Also in the wireless sector, shares of China Unicom Ltd. (CHU : Quote, Profile, Research) were down 3.9% at $13.24, extending their decline after Bear Stearns downgraded the stock to peer perform on Tuesday.

Energy stocks also extended losses as prices for crude oil dropped after the U.S. Energy Department said distillate and gasoline supplies rose for a fourth week. See Futures Movers.
PetroChina (PTR : Quote, Profile, Research) fell 2.8% to trade at $124.10; Norsk Hydro (NHY : Quote, Profile, Research) lost 2.4%; and Italy's Eni (E : Quote, Profile, Research)

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