Subscribe to Print Edition | Sun., December 14, 2008 Kislev 17, 5769 | | Israel Time: 01:51 (EST+7)   Back to Homepage web haaretz.com Haaretz Toolbar Diplomacy Defense Jewish World Opinion National Print Edition Car Rental Books Haaretz Magazine Business Real Estate GA 2008 Travel Week's End Anglo File

Tel Aviv has regained 20% in last three weeks By Nathan Sheva and Yael Pollak The Tel Aviv Stock Exchange has risen 20% in three weeks, even though it lost some ground yesterday. The TA-25 fell 1.8% yesterday to end at 699 points, but climbed 9.6% for the week. The TA-100 lost 1.9% to close at 615 points, but gained 9% for the week. Turnover was NIS 1.5 billion. The real question is whether the big losses are really over, but until investors know how deep the recession is and how long it will last, few believe the real crisis has ended. Advertisement The trigger for the big gains over the last few weeks came from the U.S. government. The day before the U.S. administration saved Citigroup by putting up $25 billion, the TA-25 had reached its low of 592 points after dropping 12% in two days. Fears increased that Citigroup might collapse, and its shares fell 60% in a week. But attempts by central banks around the world to bail out their economies, including by lowering interest rates sharply, improved the mood. In the background is also the run-up to U.S. President-elect Barack Obama's inauguration and his choice of his economic team. All this and the steep fall in world oil prices has changed the atmosphere for the better on world markets. In our neighborhood, the Bank of Israel has lowered interest rates from 4.25% to 2.5% over the past two months, and it may continue the trend next week, possibly by another 0.5%. The treasury's economic stimulus plan announced on November 25, which includes NIS 6 million of guarantees for new bank credit and another NIS 5 billion for joint investment funds, has also encouraged investors. Of course, the gains in recent weeks do not come close to making up for the big losses earlier this year. The 20% rise in the TA-25 since Nov. 23 still pales against the 41% drop since the start of the year. The TA-100 is down 45% in 2008. As for bond indexes, the TelBond-60 may have regained 10% in the last three weeks, but is still off 19% this year. In trading yesterday, Discount Investment lost 0.6% after announcing it was selling 3% of Cellcom to Deustsche Bank. Cellcom fell 4.2%. Makhteshim Agan dropped 2.4% after Maalot put its bond rating on its watch list. The Banks-5 index fell 2.7%, with Bank Hapoalim down 2.6% and Bank Leumi off 2.1%. The Real Estate-15 dropped 4.4%. Africa Israel lost 5.2%, Gazit Globe was down 2.1% and Alony Hetz fell 5.4%. Delek Real Estate was down 5% after publishing a list the previous day of six assets it was interested in selling to raise funds to pay off its bondholders. Jerusalem Economic tumbled 5.7%. Eliezer Fishman's firm announced the day before it had repurchased NIS 36.5 million in bonds with a face value of NIS 85.3 million. Bookmark to del.icio.us   Time to talk Israeli and Palestinian leaders set the terms to discuss 'two states for two peoples.' The Wall Street fraud Bernard Madoff's $50 billion fraud threatens Jewish philanthropy.

Read & React Iran irate after Sarkozy rules out shaking Ahmadinejad's hand Responses: 176 Palestinians: Israel asked to annex 6.8% of West Bank Responses: 106 IDF soldiers critically wound Palestinian youth with rubber-coated bullet Responses: 94 Livni: It isn't possible to bring every soldier home Responses: 66 Carter discusses Mideast peace prospects with Assad in Syria Responses: 70 U.S. Army sends American-Israeli woman to Afghanistan Responses: 94 More Headlines 22:38 UN set to adopt resolution urging Israel, Palestinians to continue talks 18:00 Barak: Shalit is one of the reasons to refrain from launching Gaza offensive 22:54 Madoff Wall Street fraud threatens Jewish philanthropy 21:33 Carter, in Damascus, predicts improved U.S.-Syria ties under Obama 18:07 In Gulf meet, Gates warns U.S. opponents: Don't test Obama 17:45 Iran: We have proof U.S. and Britain support terror group 21:07 Top Defense Min. official heads to Cairo to discuss Gaza truce 00:59 Ben-Gurion International Airport to launch first gym in Terminal 3 23:11 Palestinians: Israel asked to annex 6.8% of West Bank 00:02 Israeli author Amos Oz: Arab-Israeli conflict kept alive be fanatics 11:27 Rice: Bush not done working on Israeli-Palestinian issue 07:47 IDF soldiers critically wound Palestinian youth with rubber-coated bullet 12:59 Report: Group attacks Saudi airline office in Iran to protest Saudi peace plan 06:12 Egyptian guards kill African man trying to cross into Israel 17:16 Ahmadinejad: Israel at end of line, will soon fade away 13:28 Amira Hass returns to Gaza after a two-year absence Previous Editions Select Day 12 dec 11 dec 10 dec 09 dec 08 dec 07 dec 05 dec 04 dec 03 dec 02 dec 01 dec 30 nov

Special Offers Advertisement Summer in Israel Israeli style - Tzofim Chetz V'Keshet 2009 Living in Israel Studying in English Click & Meet our students from all around the world Fattal Hotel Chain Perfectly located hotels on best resorts of Israel. Car rental in Israel Shlomo Sixt Receive $15.00 from our low rates. Eldan Rent a Car Israel's leading car rental company offers you a 20% discount on all online reservations Jewish Singles Personal Ads Find the love of your life on JDate.com Hebrew Summer courses From $39.95 Junkyard Junk a car - get free towing nationwide and a tax-deductible receipt

Home | TV | Print Edition | Diplomacy | Opinion | Arts & Leisure | Sports | Jewish World | Underground | Site rules |

Real Estate in Israel | Travel to Israel with Haaretz | Hotels Israel | Restaurants Israel | Tourist attractions Israel | Shops Israel

birthright Israel | Search engine marketing

Haaretz.com, the online edition of Haaretz Newspaper in Israel, offers real-time breaking news, opinions and analysis from Israel and the Middle East. Haaretz.com provides extensive and in-depth coverage of Israel, the Jewish World and the Middle East, including defense, diplomacy, the Arab-Israeli conflict, the peace process, Israeli politics, Jerusalem affairs, international relations, Iran, Iraq, Syria, Lebanon, the Palestinian Authority, the West Bank and the Gaza Strip, the Israeli business world and Jewish life in Israel and the Diaspora.

© Copyright  Haaretz. All rights reserved