Worse to come?
The Tel Aviv Stock Exchange opened the last trading day of the week with rises of 1 percent in heavy trading volume due to the Maof October option expiry, but closed with sharp falls.
The Tel Aviv Stock Exchange opened the last trading day of the week with rises of 1 percent in heavy trading volume due to the Maof October option expiry, but closed with sharp falls. The Maof index lost 2.13 percent closing at 386 while the Tel Aviv 100 dropped 1.7 percent. The expiry index just fell short of passing the 400 mark, and was set at 399.4 points.
Israel Discount Bank took central stage on the TASE yesterday. The share price slipped 2.8 percent while the bank completed a share issue to financial institutions at a 6 percent discount. Some criticism was leveled at the conditions of the issue as it was clear that some players sold Discount shares at 2.8 percent losses through the day, only to buy them in the afternoon after the institutions had bought at the 6 percent mark-down. Some parties were creaming off the difference in arbitrage profit, some of them taking a short position at the time. At the end of the day Discount managed to raise NIS 150 million at the reserve price set by the share issue.
Apart from Clal Industries which was left unchanged despite a rallying of its ECI subsidiary in New York, the top 25 stocks all took a beating of between 1-4.5 percent.
Delek group fell 4.5 percent on trade of NIS 16 million, Israel Chemicals Ltd lost 3.3 percent and Bezeq slipped 3 percent on active trade of NIS 38 million.