Subscribe to Print Edition | Tue., July 07, 2009 Tamuz 15, 5769 | | Israel Time: 02:04 (EST+7)
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Market Report / Real estate, banks pull TASE down
By Nathan Sheva

Real estate and bank shares led the Tel Aviv Stock Exchange down on the first day of the trading week yesterday, and the TA-25 lost 1.3% to end the day at 850 points. The TA-100 fell 1.7% to close at 789 points, and the TelTech-15 was off a big 3.1%.

Turnover was low even for a Sunday, at NIS 850 million, possibly due to the long July 4th weekend on Wall Street.
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New York markets may have been closed on Friday, but that did not keep Israeli investors from reacting badly to poor U.S. economic news from the end of last week, especially the growing unemployment numbers.

Corporate bonds were also down as investors enjoyed some profit taking on the recent gains. The major corporate bond indexes were off 0.8% to 2%. Long-term Shahar government bonds rose by up to 0.7%.

Israel Chemicals opened the day with gains of more than 1% after fertilizer shares rose around the world at the end of last week, but as the day progressed the pessimism pulled the overall share down and Chemicals was unchanged for the day.

Israel Chemical's parent, The Israel Corporation, lost 2.1%. The Real Estate-15 fell 3.2%, led southward by Africa Israel, which dropped 5.6% after gaining 13% last week.

The Banks-5 index lost 2.5% yesterday after rising 4.7% last week. Bank Hapoalim led the the index down, losing 3.2%, and Bank Leumi fell 2.3%.

Delek Automotive was one of the few shares bucking the trend, up 0.8% yesterday and up 14% for the last two days of last week. The car importer was buoyed by the unveiling of its new Mazda 3 model, Israel's best-selling car, last Thursday. The Delek Group fell 1.6%.

The Strauss Group was up 2.2% on news it was buying water filter company Tami 4 for $90 million (See story, Page 8).

Isramco lost 1.6% and has now lost 7% over the past three trading days. Reports appeared in the press yesterday morning that the Israel Securities Authority is investigating suspicions that MK Haim Katz and others used inside information in buying and selling Isramco shares close to the announcements of natural gas discoveries.

Teva lost 1.1%. The share has been hovering around its $50 record high on Wall Street in recent days, though in Israel the share is still about 5% below its shekel high at the beginning of 2006. The difference between the two highs is due to changes in the shekel-dollar exchange rate.

Nochi Dankner's Koor is investing again in Swiss bank Credit Suisse (See story, Page 8). Koor lost 1.8% yesterday.
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