Subscribe to Print Edition | Sun., May 25, 2008 Iyyar 20, 5768 | | Israel Time: 01:43 (EST+7) web haaretz.com   Back to Homepage Rosner's Domain Diplomacy Defense Jewish World Opinion National Print Edition Advertising Books Peres Conference Business Real Estate Easy Start Travel Week's End Anglo File

Market Report / TA-25 beats trend to rise 0.2% for week By Nathan Sheva A decline in world markets drove down trading numbers on the Tel Aviv Stock Exchange throughout the trading day yesterday, but shortly before the final bell most of the declines reversed after positive news from trading on Wall Street started pouring in and changed the atmosphe. The TA-25 remained steady, at 1,101 points, to climb 0.2% over the week. The TA-100 dipped 0.3%, to 1,022, for a 0.4% rise overall on the week. The Tel-Tech softened by 2%. Turnover was NIS 1.75 billion. Advertisement Overall the TASE evinced no particular direction this week, bobbing up and down while looking over its shoulder at last week's surprise spike in the consumer price index. The spike in world petroleum prices and apparent lack of direction on the part of the New York Stock Exchange halted the upward correction to the TASE, which has gained 18% since mid-March. Leading the downward charge in share prices yesterday were the banks; the banking index lost 0.9%. Defying the southward slide was Hapoalim, which rose 0.3% yesterday after leaping 5.5% on Wednesday. The bounce-back was, of course, in response to Hapoalim's offloading of its entire MBS portfolio to U.S. bond fund giant Pimco. The investment banks are already responding to the sale by Bank Hapoalim with buy recommendations. Bank Leumi shareholders were indifferent to the sale of 20% of Leumi Card to David Azrieli for NIS 360 million. The bank will record a profit of NIS 244 million for the sell-off, but yesterday its shares lost 2%. Cellcom shares were a hot item yesterday, with 160 million of them changing hands on news that its controlling shareholder, Discount Investments (DIC), sold off 2% of the company's shares for a NIS 216 million profit. The share was discounted by 3.5% below its market price. Cellcom shares nevertheless climbed by a respectable 2.7%. Israel Chemicals shares have been fluctuating in recent days, following world ups and downs in fertilizer stocks. Analysts at Psagot are forecasting that fertilizer prices will mellow out soon, and will start declining around 2010. In consequence, they lifted their "buy" recommendation while lowering the price target of Israel Chemical shares to NIS 77 - 17% above current market price. Yesterday the share gained 1.5%. Teva continued its downward slide, to which Bank Hapoalim may have given an additional push when it reduced its recommendation for the share to "hold." Teva share prices on the TASE sunk to a one-year low yesterday. May we recommend a little Fluoxetine, Teva-made, of course? Company reports continued to pile up, and the paper storm won't be through until late next week. Bezeq reported stagnant revenues and profits in comparison to the parallel quarter, although its subsidiary companies have improved their results. Bezeq shares responded to the news by rising 0.4%. The real estate index held steady despite a respectable 3% rise in the respectably positioned Africa Israel share, which is up 34% since the publication in late March of the company report for 2007. Bookmark to del.icio.us   Jet error Israeli warplanes come close to shooting down Tony Blair's plane. Rehab (live) Report: Singer Amy Winehouse is to undergo drug rehab in Israel.

Read & React Bradley Burston: The Palestinians' time is running out Responses: 393 West backs Lebanese gov't capitulation to Hezbollah Responses: 192 Obama promises 'unshakable commitment' to Israel if elected Responses: 210 Hamas: Olmert too weak to negotiate peace agreement with Syria Responses: 208 McCain rejects pastor's support after 'God sent Hitler' jibe Responses: 110 More Headlines 01:04 Syria sends minister to Iran after shock revelation Israel talks 18:30 Ex-IDF chief: Golan Heights not indispensable 23:57 IDF strikes wound 4 Gaza militants in two incidents 01:06 Israel denies entry to high-profile critic Norman Finkelstein 15:51 UN: No. of roadblocks in W. Bank up 7 percent from last Sept. 20:53 Chelsea axes Grant after losing Champions League final to Red Devils 18:43 MK Sneh to announce split from Labor to form new party 01:16 Israeli warplanes almost shoot down Tony Blair's plane 03:38 Report: Singer Amy Winehouse to undergo drug rehab in Israel 14:56 Tourist in critical condition after jumping from Tiberias hospital 13:22 Teenager stabbed to death at high school in Galilee village 11:18 Egypt police shoot Sudanese migrant at Israel border Previous Editions Select Day 23 may 22 may 21 may 20 may 19 may 18 may 16 may 15 may 14 may 13 may 12 may 11 may

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