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Despite very heavy trading in recent days, the Tel Aviv Stock Exchange remained unaffected - as far as the major indexes were concerned. But the smaller-cap stocks lost 1 percent, while the big boys held their own.

The TA-25 index of blue-chips rose 0.1 percent to close at 1,194.4 points, and the TA-100 lost 0.1 percent to close at 1,140 points for the day. The TelTech-15 index of technology stocks dove 1.9 percent yesterday. Turnover was NIS 2.3 billion.

Different forces were at work in opposite directions on the TA-25 yesterday. Israel Chemicals lost 2.5 percent on NIS 200 million of turnover and its parent The Israel Corporation was 0.65 percent. Together the two shares made up 12 percent of trading volume on the TASE, after Israel Chemicals announced its third quarter financial results yesterday morning.

On the upside were banks and real estate shares. The Banks-5 Index rose 1.1 percent despite sharp losses for the financial sector in world markets once again yesterday, on growing fears that the credit crisis is far from over.

Bank Hapoalim, which suffered heavy losses last week, rose 1.6 percent yesterday in anticipation of its third quarter reports scheduled to be released tomorrow. Hapoalim is expected to report a large exposure to the U.S. subprime mortgage market. Bank Leumi rose 0.9 percent.

Government bonds rose yesterday, as in the U.S., as yields on 10-year bonds hit their lowest level in two years. Long-term Shahar bonds were up 0.3 percent and Galils were up by up to 0.46 percent.

The Real Estate-15 closed up 0.6 percent while Africa Israel, the biggest real estate share, lost 2 percent and Gazit Globe gained 2.3 percent.