Subscribe to Print Edition | Tue., March 18, 2008 Adar2 12, 5768 | | Israel Time: 18:47 (EST+7) web haaretz.com   Back to Homepage Rosner's Domain Diplomacy Defense Jewish World Opinion National Print Edition Advertising Books Arts & Leisure Business Real Estate Easy Start Travel Week's End Anglo File

A woman looks back in front of an electronic board showing stock information at a brokerage house in China on Monday. (AP) Last update - 10:59 18/03/2008 Israeli stocks rebound after latest tumble, dollar does not By Nathan Sheva, TheMarker Correspondent and Staff Tags: TASE, Economy, Israel, Shekel Israeli stocks rebounded on Tuesday after they dropped steeply on Monday as U.S. and European shares wilted after Bear Stearns' implosion late last week and the investment bank's takeover by JPMorgan Chase & Co. The dollar, however, continued to decline and reached a new low of NIS 3.38 as traders expect the U.S. Federal Reserve to drop interest rates a full percentage point. After dropping four percent on Monday, the TA-25 blue-chip index has risen 1.9 percent on Tuesday. On Monday, Hoping to shore up the markets, Fed chairman Ben Bernanke took the extraordinary step of lowering the rate charged to banks. Wall Street was thus able to claw back from deep negative territory to end flat. Advertisement Tel Aviv stocks had been relatively robust, and the shekel has stood strong against major currencies. Monday the shekel bounded ahead some more: The dollar weakened by 1.4% against the Israeli currency, while the euro weakened by 0.2%. But stocks took a pounding as Israelis succumbed to the gloom pervading Asian and European markets, above all fear of more bad news from the United States. Trading in Tel Aviv started with a dip of 1% as players waited for European action to start. When it did, with a drop of about 2%, Tel Aviv's indices slid. Property stocks and banks were particularly hard hit. Real estate has been the focus of much investor ire despite local companies' protests that they are not exposed to the U.S. subprime meltdown. Even so, the large-cap property developers, mainly the ones operating abroad, may have trouble borrowing to continue expanding their business because of the credit crunch. The 4% fall by the TA-25 blue-chip index put it below 1,000 points, a key psychological barrier. So far this year, the index has tumbled 19%. Related articles: Tel Aviv stock exchange loses 9% of its value in 3 trading days Markets fear central bank's buy of dollars won't stop U.S. plunge Fischer: Bank of Israel to avoid meddling in int'l currency market Bookmark to del.icio.us   Facebook face-off Settlers win right to list country as Israel, not Palestine. Shin Bet.com The covert agency has deployed a new weapon: the blog.   1.   indices not indexes 09:46  |  Barry Geltman 18/03/08   2.   To Barry 10:45  |  Yael 18/03/08   3.   Markets still don`t want to face the truth 12:15  |  Clickfool 18/03/08   4.   #3, Clickfool - Stock market isnt the same as global economy 12:51  |  Anton 18/03/08   5.   For Anton # 4 13:42  |  Clickfool 18/03/08   6.   to #1 and #2 16:29  |  bastet 18/03/08   7.   Good for Israeli stocks, falling dollar means less 16:43  |  Mark B. 18/03/08   8.   Click Freakonomics 17:24  |  PantherJet 18/03/08   9.   this is good and bad news at the same time 18:20  |  Joey 18/03/08

Today Online Slain Jihad leader's son: My entire family has turned Hezbollah Responses: 81 9-year-old Sderot rocket victim faces life after losing leg Responses: 29 Amir Oren: John McCain - For Israel, best of all candidates Responses: 41 Editorial: Facing pogrom by rightist Jews, police go limp Responses: 27 Rabbi stabbed in neck in East Jerusalem terror attack Responses: 44 Rosner's Domain Eagleburger was just trying to have fun Play the anti-Semite for Obama (WTR) Rosner's Mailbox: I used to believe that you just hated Hillary Jeremiah Wright: did Obama explain enough? Poll: Is the "road map" still relevant? More Headlines 17:56 Merkel to Knesset: Germany will always stand by Israel 11:06 Rabbi stabbed in neck in E. Jerusalem terror attack 10:59 Israeli stocks rebound after latest tumble, dollar does not 11:27 Jailed Barghouti mulls running for Palestinian presidency 13:34 McCain rep to Jewish crowd: the Christian right is 'serious problem' 12:17 Sderot rocket victim Osher Twito, 9, copes with loss of leg 16:46 Report: Egyptian spy chief delays Israel visit again due to ongoing 'aggression' 18:35 Hamas: Israeli strike wounds 4 Islamic Jihad militants 14:23 Guard killed in blast near U.S. embassy in Yemeni capital 18:21 Rubinstein Piano Competition / The Georgian is still intoxicating Previous Editions Select Day 17 mar 16 mar 14 mar 13 mar 12 mar 11 mar 10 mar 09 mar 07 mar 06 mar 05 mar 04 mar

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