Market Report / TASE rebounds as dollar hits 9-year low - Haaretz

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Thu., January 10, 2008 Shvat 3, 5768

Israel Time: 02:00 (EST+7)

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Market Report / TASE rebounds as dollar hits 9-year low

By Nathan Sheva

Tags: Tel Aviv Stock Exchange

After three days of losses, the Tel Aviv Stock Exchange rebounded yesterday as world markets rose. But the main trend of 2007, and in particular the second half of the year, continued as big-company shares rose while mid- and small-cap stocks lost ground.

The dollar also attracted quite a bit of interest - after rising 0.55% on Monday it returned to its losing ways yesterday. The representative rate was down 0.76% and the new rate was set at NIS 3.799, a nine-year low. Since the start of 2008 the greenback has dropped 1.2%, and since the beginning of 2006 it is down 17.5% against the shekel.

Yesterday's gains in Tel Aviv came despite Merrill Lynch's comments that there is no reason to invest in Israeli markets. On the other hand, the U.S. investment bank recommended a number of Israeli shares: Teva, Israel Chemicals, Delek Motors, Partner and Israel Discount Bank. Of course, last year Merrill Lynch predicted single-digit yields for Israeli markets in 2007, while in reality they jumped more than 25%.

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The positive opening on Wall Street also buoyed the market yesterday. The TA-25 rose 1.1% for the day and closed at 1,190 points. The TA-100 gained 0.9% to close at 1,124 points. But the TelTech-15 lost 0.6%. Turnover was once again high, as in recent days, totaling NIS 2.3 billion. The TASE has lost 3.5% so far this year, with the Real Estate-15 the main culprit, down 7% since January 1. The real estate index also continued its volatile ride yesterday, closing almost unchanged after being off 1.5% earlier in the day.

The big leader for the day was Israel Chemicals, rising 4.2% on price increases for potash. The company's recent European contracts reflect a price rise of between $30 and $60 a ton to $460 compared with contracts signed only a month earlier. Merrill Lynch's recommendation also added to the positive atmosphere for the stock, which is now up 6% since the start of the year.

Its parent, The Israel Corporation, also benefited from its subsidiary's gains, rising 1.6% for the day. Makhteshim Agan lost 2.3% on profit taking after a 4% jump the previous day. Its parent, Koor, suffered as well, falling 1%.

The banks also featured among the leaders yesterday, even though Merrill ignored them. Both Bank Hapoalim and Leumi rose 2.7%.

Teva rose 1.6%, and is at record highs in dollar terms in trading in New York.

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