Tel Aviv stock market falls back to 2005 levels

The Tel Aviv Stock Exchange recorded steep drops yesterday, with the bond indices taking a particularly hard drubbing.(See page 8)

The TA-25 index fell by 3% yesterday to 670 points, its lowest level since August 2005. Over the week, the index lost 8.3%. The TA-100 fell 5.6% yesterday to 595 points and lost 10.4% for the week. The Real Estate index took a 15.8% dive yesterday, for a loss of 31% on the week. Turnover was NIS 1.9 billion.

Tomorrow, the consumer price index figures for October will be released, with experts predicting an increase of up to 0.2%.

Shares of Africa Israel fell sharply, as did the company's 21 series bonds, which are traded on the Tel Bond-20 index. Africa lost 30% yesterday, or NIS 904 million. Leviev, the controlling shareholder with 74.83%, or NIS 677 million, said he has instructed the company's operations managers around the world to introduce efficiency measures in anticipation of a deepening of the global financial crisis.

Another big loser on the TA-25 was the Delek Group, with a 29% decline in the share price, or NIS 806 million. Good news for some, at least, came yesterday in the 1.34% rally of the dollar against the shekel. At NIS 3.928 to the dollar, it's the highest the U.S. currency has been this year.