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Market Report / Real estate rally boosts Tel Aviv stocks on paper-thin turnover By Yael Pollak Tags: israel news Tel Aviv stocks rebounded sharply Sunday from last week's retreat, despite the drop on Wall Street as last week closed. Even though fighting in Israel's south enters its third week, Israeli stocks gained ground after a negative opening. The benchmark TA-25 index gained 2.2% to end at 692 points and the TA-100 index rose 2.8% to 611 points. The Banks-5 index led the uptick with a 3.3% gain and the TelTech-15 index, loaded with dual-listed stocks, climbed 4.8%. Yet the story on the floor, not that there is one anymore, was the Real Estate-15 index, which surged 11%, led by a 15% leap by Africa Israel after the company announced its sale of a 51% stake in the Kiryat Hamemshala government tower in Tel Aviv for between NIS 400 million and NIS 500 million. Total turnover remained paper thin, though, at NIS 870 million. "The trading day opened in the red because of negative macroeconomic data from the U.S. and the fighting at home, which will increase the deficit," said Uri Stanek, trading manager at Clal Finance. He predicts that fixed-income bonds, which did well in 2008, will suffer this year. In the early days of 2009, fixed-income paper has weakened by 1%. Advertisement Tel Aviv-based brokerage I.B.I. points out that if the deficit increases, the government is likely to finance itself by issuing more bonds, which in turn suggests a glut that would depress prices. In short, Clal Finance sees added allure in shares. Speaking of which, parent company Africa Israel gained 15% and its subsidiary Africa Israel Properties soared 16.4% on the deal in Tel Aviv. Shares in Excellence gained 4.6% after the brokerage's founders, Roni Biram and Gil Deutsch, informed insurer Phoenix yesterday that it must buy them out after all. They hold an option to sell their outstanding shares in Excellence, nearly 41%, to Phoenix, which will become the brokerage's main shareholder. Supermarket chain Blue Square rose 6.4% after announcing that it's selling Blue Square Real Estate to another group company for NIS 497 million. Bookmark to del.icio.us   From the bunker Hamas says Gaza won't break, victory over Israel is near. Banned Israel bans Arab parties from running in upcoming elections.

Read & React Legal expert: Rising Gaza death toll doesn't mean IDF acts are disproportionate Responses: 102 Sources: Hamas leaders hiding in basement of Israel-built hospital in Gaza Responses: 72 IDF: Hamas rocket fire down 50% since start of Gaza op Responses: 28 Gideon Levy: Israel's leaders will pay for the bloodshed in Gaza Responses: 55 Aluf Benn: Israel has a double standard when it comes to UN resolutions Responses: 42 More Headlines 23:21 IDF soldier seriously hurt in Gaza, possibly by friendly fire 01:03 Haniyeh: Hamas is willing to negotiate on Gaza cease-fire 00:54 Israel bans Arab parties from running in upcoming elections 19:35 Bush: Hamas must stop rocket fire if it wants Gaza truce 17:40 UN Human Rights Council condemns Israel over Gaza op 23:01 IDF reservist refuses to fight in Gaza over civilian deaths 16:55 Gaza War Diary IV - Can people die of ambivalence? 11:28 Amira Hass / Gazans doing their best to avoid becoming death statistics 18:20 Peres: The IDF has never been better trained, as sophisticated 18:20 Get up to the minute coverage of the warfare in Gaza directly to your email 22:59 Gaza rocket strikes Ashkelon home, residents flee to shelter 21:42 Israel voices concern over anti-Semitic attacks in Europe 18:43 Olmert: Gaza war won't end until rockets and smuggling stop 14:05 Immigration officials: Gaza op hasn`t deterred infiltration of migrants from Egypt 13:12 France vows to punish assailants who hurled firebombs at Paris synagogue 13:50 ANALYSIS / Israel's victories in Gaza make up for its failures in Lebanon Previous Editions Select Day 12 jan 11 jan 09 jan 08 jan 07 jan 06 jan 05 jan 04 jan 02 jan 01 jan 31 dec 30 dec

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