Market Report / Stocks were quiet, but bonds rocked
The Tel Aviv Stock Exchange (TASE) opened its week warily, staring the day with small gains, which very quickly turned downwards but balanced out again toward the end of trading.
The TA-25 was down 0.1 percent to close at 1,139.7 points. The TA-100 was unchanged for the day at 1,134.2 points. The TelTech-15 was also unchanged. Turnover for the day was NIS 1.15 billion, low but typical for a Sunday without foreign investors.
Howver, while share trading was quiet, most of the action was concentrated in bond markets. Bonds were down sharply as a result of the drops on U.S. bond markets on Friday of last week.
The first week of the the third quarter of 2007 opened last week with great hopes, as the TA-25 rose 2.4 percent for the week, reaching and remaining around new record high levels. A major cause of the gains was Wall Street's good week, where the Nasdaq also rose 2.4 percent last week. On the other hand, late on Friday U.S. bond markets dropped with yields hitting 5.195 percent, with a week-long rise of 0.17 percent in yields. The same went for local bond markets, where long-term Shahar bonds dropped up to 0.8 percent, and Galils lost up to 1 percent. Shahar yields are now 5.48 percent.
Bezeq (TASE: BEZQ) shares rose 2.4 percent yesterday on the day's largest turnover, NIS 53 million, in response to the news that Shlomo Nehama had reached an agreement in principle to buy out Mori Arkin's share of the controlling interest, 3 percent, for NIS 580 million.
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