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08/12/1998 19:18:05 ADR REPORT - Emerging markets highlights - Aug 12

LATAM ISSUES LOSE GAINS, BUT ASIA REMAINS BUOYANT

NEW YORK, Aug 12 (Reuters) - Latin American issues lost the

gains they had made earlier in the day as investors began to fret

again about Russia's financial troubles in the afternoon session,

dealers said Wednesday.

"This has all to do with Russia," said one of them.

But American Depositary Receipts (ADRs) from Asian companies

were unaffected by the latest investor jitters, managing to keep

up their upbeat pace begun in the morning.

Benchmark stocks like telecommunications giants Telebras SA

<TEL_p.SA> <TBR.N> of Brazil and Telefonos de Mexico <TMXl.MX>

<TMX.N> (Telmex) were trading at levels below closing prices of

the previous day.

One dealer said news about the Russian central bank's

decision to limit foreign exchange purchases by commercial

banks was being perceived as a possible prelude to a

devaluation of the local currency.

"It's freaking the market out," he said, while describing

the perception of a possible devaluation as an exaggeration.

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