Subscribe to Print Edition | Tue., February 24, 2009 Shvat 30, 5769 | | Israel Time: 03:24 (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 Joy of Giving Travel Week's End Anglo File

Market Report / TA plunges in wake of Europe, Wall St. By Tal Levy Tags: israel news The Tel Aviv Stock Exchange dropped sharply in opening its trading week yesterday, following the lead of the Americans and Europeans at the end of last week. Bank shares were hit particularly hard. The TA-25 lost 3.8% to close at 662 points and the TA-100 fell 3.9% to end the day at 602 points. Turnover was NIS 1.2 billion. Shekel-denominated government bonds fell 0.3% yesterday while inflation-linked bonds were unchanged. Yesterday's big local economic story centered on the fight between the Finance Ministry and the Bank of Israel over Governor Stanley Fischer's plan to buy government bonds and to lower long-term interest rates. The TelBond-20 index of corporate bonds fell 1.1% yesterday, while the TelBond-40 was down 1.5%. Advertisement Also affecting local markets were expectations of today's interest announcement concerning March by Fischer, who is expected to lower rates once again - but by how much - by 0.25% or even 0.5%? Also yesterday was the first day of trading after President Shimon Peres gave Benjamin Netanyahu the task of forming the new government. The Banks-5 fell 5.5% after the reports over the weekend of a possible nationalization of U.S. banks. Bank Leumi lost 5.3% and Bank Hapoalim was off 6.1%. Israel Discount Bank fell 5.9%. The Real Estate-15 lost 5.6%, with Alony Hetz dropping 12.6%. Jerusalem Economic Corporation was down 6.3%, Africa Israel lost 7.2%, and Housing & Construction lost 9.2%. Gazit Globe lost 5.1% after Standard and Poor lowered the rating of its Atrium European Real Estate subsidiary (see story on page 8). Only a week after announcing an $80 million deal, which sent its shares up hundreds of percent, Ashot Ashkelon revealed another large deal yesterday: The company said it is involved in advanced negotiations with the Defense Ministry for a NIS 90 million sale - in the first stage - of equipment for armored vehicles. Ashot said the sale could mount as high as NIS 260 million over three years. The share rose another 126% yesterday, and is now up 880% so far this year. The chemical sector also lost ground, with Israel Chemicals losing 4.5&, despite gains for other potash producers around the world at the end of last week. Bookmark to del.icio.us   Gilad or Gilad? Olmert is too focused on the wrong Gilad. Take this waltz "Waltz with Bashir" was not made for Hollywood, it was made for human beings.

Read & React Bradley Burston: Winslet, 'Waltz,' and how Hollywood likes its Jews Responses: 42 Israel's new Iran policy: Sway Obama on Tehran talks Responses: 44 Amnesty urges freeze on arms sales to Israel Responses: 21 Amir Oren: Israel must accept its loss of influence in U.S. Responses: 9 Olmert: Corruption probe against me is none of Diaspora Jewry's business Responses: 19 More Headlines 00:03 Olmert aide, Shin Bet chief to replace ousted Gaza truce mediator 22:24 'U.S. plans to pledge $900 million for Gaza' 23:03 Netanyahu to meet Bar-On in apparent bid to bypass Livni 18:33 ANALYSIS / Olmert is too focused on the wrong Gilad 22:06 Hamas: Fatah used Google Earth to pinpoint Gaza targets for IAF 22:14 'Today shoes, tomorrow guns,' says IDF officer heckled in Holland 01:52 GOP Jewish group blasts U.S. role in lead up to Durban II 16:37 British exhibit unveils Jewish gems hidden during Black Death 14:09 Winslet, 'Waltz,' and how Hollywood likes its Jews 17:22 Israel: Amnesty report on Gaza ignores fact Hamas are terrorists 20:29 Court: No house arrest for mother accused in murder of daughter, 4 15:40 Al-Qaida No. 2 urges Hamas: Don't agree to Gaza truce 15:39 Archaeologists unearth relics from eras of First and Second Temples 00:54 Bahrain's crown prince: Britain is too pro-Israel Previous Editions Select Day 23 feb 22 feb 20 feb 19 feb 18 feb 17 feb 16 feb 15 feb 13 feb 12 feb 11 feb 10 feb

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