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Market Report / Gilat falls 8.4% on nixed merger By Yael Pollak Tags: tel aviv stock exchange  Tel Aviv stocks held steady Monday amidst news that the Bank of Israel is raising the benchmark interest rate for September, by another 0.25% to 4.25%. The TA-25 index of blue chips finished unchanged at 1,038 points, while the TA-100 inched down 0.1%, to 643 points. At NIS 1 billion, total turnover was relatively low. Israel Corporation rose 4%, after releasing a second-quarter report showing a 320% leap in net profit, to $288 million. Much of the heavy lifting there was done by Israel Chemicals, which claimed a 2.8% gain yesterday. Israel Corp subsidiaries Tower Semiconductor and Oil Refineries rose by 0.5% and 0.2%, respectively. Shares of Gilat Satellite Networks fell 8.4% on news that an acquisition deal stitched up in March, which was to have been completed this week, had apparently fallen through. (For more on this story, see page 8.) Advertisement Housing and Construction, controlled by Shari Arison and headed by Ofer Kotler, dipped 1.2% after releasing a second-quarter report with net profit of 241% over the equivalent period last year, to NIS 38.5 million. After discounting for capital gains of about NIS 49 million for the sale of holdings in Lime & Stone Production Company and another company, Housing and Construction actually ended the quarter with a loss of NIS 10.5 million. It recorded a 100% rise in revenues over the parallel quarter, to NIS 112 million. Arison is expected to complete her move shortly to become the sole shareholder in Arison Holdings and consolidate her grip on Bank Hapoalim. As part of that realignment, her brother Micky is expected to sell his stake in Arison Holdings (23%), for an undisclosed sum. Suny Telecom, the local importer for Samsung, reported sales turnover of about NIS 128 million for the second quarter, up from NIS 107 in the second quarter of 2007. Pre-tax profits came to NIS 65 million, compared to NIS 6.6 million last year. Net profits were about NIS 53 million, compared to just NIS 4 million in the parallel quarter of 2007. Clal Industries ended the second quarter with profits of just NIS 5 million, compared to NIS 184 million - yes, you read that right - in Q2 2007. It blames heavy debt-financing costs and an absence of material exits. In other market news, Arison has managed to delist Salt Industries, a move that cost her NIS 140 million. Taking Salt private under her wing increases her interest in Bank Hapoalim from 20% to 26%. Shares of paints company Tambour edged down despite the company's report that second-quarter revenues had risen by 12% year over year to NIS 160 million, on which it reported profit of NIS 7.4 million, an increase of 14% from the year before. Bookmark to del.icio.us   Swing Jews Jewish Democrats go hi-tech to fight anti-Obama 'hate mail.' Where's Rose? Missing girl's mother allegedly told husband to 'get rid of her.'

Read & React Peace Now: West Bank settlement construction nearly doubled this year Responses: 185 Jewish Democrats go hi-tech to fight anti-Obama 'hate mail' Responses: 22 Obama: World must press Iran before Israel strikes Responses: 94 Israeli and American: Why Jews can have more than one home Responses: 48 VIDEO: Barak puts Tel Aviv apartment up for sale for NIS 40 million Responses: 36 More Headlines 23:31 Missing girl's mother allegedly told husband to 'get rid of her' 02:26 Before her disappearance, Rose Pizem suffered 4 years of horror 20:14 Abbas: We can't lose another 7 years searching for peace 01:23 Ever-changing stories of grandfather burdened police 23:17 Livni mocks Barak: I can make your dream of being Education Min. come true 17:04 Jewish Democrats go hi-tech to fight anti-Obama 'hate mail' 23:59 U.S. judge orders release of Cold War spies testimony 23:13 IDF Court sentences ex-Jenin mayor to 6 years in prison for Hamas ties 18:52 YouTube removes clip showing Rhodes youth urinating on Holocaust memorial 20:27 Carter shunted to sidelines at Democratic Convention 19:18 Three teenage boys held on suspicion of raping girl, 14, in Herzliya park 13:29 Israeli and American: Why Jews can have more than one home 01:51 Tel Aviv and Givatayim at war over local beauty spot 00:32 Police detain Israeli for entering Gaza in blockade-busting boat Previous Editions Select Day 26 aug 25 aug 24 aug 22 aug 21 aug 20 aug 19 aug 18 aug 17 aug 15 aug 14 aug 13 aug

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