Subscribe to Print Edition | Thu., November 13, 2008 Cheshvan 15, 5769 | | Israel Time: 02:35 (EST+7) web haaretz.com   Back to Homepage Haaretz Toolbar Diplomacy Defense Jewish World Opinion National Print Edition Car Rental Books Haaretz Magazine Business Real Estate U.S. election Travel Week's End Anglo File

Market report / Real estate lost 10% By Nathan Sheva Tags: Israel News, Real Estate A worldwide pullback in equities left Israelis with little choice, perhaps. Tel Aviv stocks fell hard yesterday after a negative trend in the morning picked up momentum as the session wore on. Real estate and tech stocks were slammed, and only two "blue chips" on the benchmark TA-25 index escaped the wrath - Elbit Systems (electronic warfare systems) and Perrigo (drugs, possibly to treat the effects of electronic warfare systems). By the day's end, the TA-25 index was down 3.1% to 749 points, the TA-100 index had lost 3.9% to 659 points and the TelTech-15 index was down 6.7%. Total turnover was low, though, at NIS 1.2 billion, indicating that large populations are clinging to the fence. Stocks fell everywhere yesterday: Asian markets retreated by about 2%, Russian stocks lost about 12% and Indian equities fell 6%. Advertisement Over here, Israel Chemicals shed 4% on turnover of nearly NIS 120 million as potash stocks retreated around the world. The story of the day was the Real Estate-15 index, though, which fell more than 10%. From its peak in May 2008, the index has lost 80%. Heavyweights Africa Israel Investments and Jerusalem Economic Corporation both lost 17%: the least affected by the downtrend was Gazit Globe, which dropped "only" 4.9%. Elbit Systems was immune after announcing that it had won a fat contract to upgrade Brazilian Air Force jets. How fat? Could run to $188 million. Makhteshim Agan was not immune. The agrochemicals company lost 3.1% after Merrill Lynch downgraded it Underperform at high risk. Koor Industries stock tumbled by almost 14% even though it reported net profit of NIS 428 million for the third quarter of 2008, compared with NIS 489 million the year before. The third-quarter profit this year was created by its NIS 535 million from its in-again-out-again investment in Credit Suisse stock. At present Koor owns about 3.4% of the Swiss bank's stock, which lost 8% in European trading yesterday to 35 Swiss francs per share. That's exactly what Koor had paid for the shares. Shares of Ham-Let dived by 20% yesterday after the company admitted that its third-quarter profit had dropped by 75% year over year to just $0.6 million, even though sales actually increased against the parallel quarter to more than $19 million. Ham-Let, which makes precision valves, pipe fittings and the like, also warned that its fourth-quarter results would bring little joy either. Also against the trend was insurance company Phoenix, which jumped 10%. That may be because whatever the Phoenix management thinks, the chiefs of its parent company - Delek Group - don't want Phoenix to buy another 40% of Excellence Nessuah. Phoenix already owns 40% of Excellence Nessuah but the second installment would cost it NIS 700 million. Phoenix chief Yali Shefi says the company can afford NIS 700 million. But Delek Group, which is controlled by Yitzhak Tshuva, may have other ideas for that money in these troubled times and has hired lawyers to dig it a tunnel out of the deal. Bookmark to del.icio.us   A ringing endorsement Jimmy Carter says Obama will waste no time in pursuing Middle East peace. Peres' olive branch Israel's president says the Arab peace plan is an opening for progress.

Read & React Nasrallah: Israeli hands that attack Lebanon will be severed Responses: 115 Mortars and rockets hit Negev, after deadly IDF raid near Gaza Responses: 102 Carlo Strenger: Why Barack Obama's win is 'good' for the Jews Responses: 72 Carter: Obama will waste no time pursuing Middle East peace Responses: 73 Amir Oren: A Netanyahu win will put us on collision course with Obama Responses: 64 More Headlines 23:10 Peres: Arab peace plan - a serious opening for real progress 23:16 Mortars and rockets hit Negev, after deadly IDF raid near Gaza 22:17 Israel to allow limited amount of fuel and aid into Gaza on Thurs. 23:19 Syria: IAF to blame for uranium traces at suspected nukes site 22:23 Carter: Obama will waste no time pursuing Middle East peace 21:19 Olmert decries 'deliberate and insufferable' discrimination of Arabs 20:07 High Court orders Beit El to stop building on private Arab land 23:26 Iran says it test fired new surface-to-surface missile capable of hitting Israel 03:24 Footage emerges of Obama poking fun at 'foul-mouthed' Rahm Emanuel 17:13 Netanyahu: For sake of peace, Israel must aid Palestinian economy 14:11 IDF soldier jailed for yawning during Rabin memorial service 01:24 Who's your mayor? A look at the results of the '08 mayoral races 21:41 Report: Egypt, Israel failed to respect basic asylum procedures 20:59 Berlin student damage Holocaust exhibit during rally against school system 21:09 Three Czech youth suspected of attacking Jewish man in Prague Previous Editions Select Day 12 nov 11 nov 10 nov 09 nov 07 nov 06 nov 05 nov 04 nov 03 nov 02 nov 31 oct 30 oct

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