Text size

The Tel Aviv Stock Exchange kept its head yesterday when the conditions of play were hardly cause for rejoicing. The Maof index of the top 25 stocks slipped 0.6 percent to 387.8 points while the Tel Aviv 100 lost 0.75 percent. Volume of trade was low at only NIS 187 million.

The enhanced state of tension in the aftermath of Minister Rehavam Ze'evi's assassination, together with the newspaper headlines preparing for war, would be enough to cause much sharper falls in share prices. And that's not adding on the effect of the suffering economy and the expected third quarter results from businesses, let alone anthrax, Afghanistan, and the global slowdown.

European bourses were faring much worse, and even the shekel kept relatively stable against the dollar. The representative rate was set at NIS 4.301 yesterday and after the rate was set the dollar nudged up to NIS 4.314.

Yesterday ended the first complete trading week after the month of national holidays. The two main stock indexes gained 1.6 percent in the week. Bank Leumi's economic section described the rise as moderate and due to the events of the week, and the fact that most of the trade on the local bourse was governed by the financial institutions.

Teva Pharmaceuticals led the Maof down yesterday with a sharp 3.3 percent fall. The IDB group suffered falling share prices across the board of between 2.5 and 3.4 percent. Discount Investment Corporation registered the 3.4 percent drop.

Elbit Systems has been enjoying a roller coaster performance since the September 11 attack, though in the past few days it has slipped sharply. Yesterday the defense company lost 3.2 percent. Since the company hit its peak price last week, the share has lost about 10 percent.