Business in Brief: Number of Companies on TASE Continued to Drop in 2016

Tel Aviv Stock Exchange shares generally lower on year's last day of trading.

Stock prices flash on an electronic screen displaying world clocks at the Tel Aviv Stock Exchange (TASE) in Tel Aviv, Israel, on Thursday, Dec. 11, 2014.
Bloomberg

Number of companies on TASE continued to drop in 2016, as did trading volumes

The Tel Aviv Stock Exchange ended another year’s trading on Thursday facing continuing institutional problems.

Although structural changes are expected to be implemented in the near future, over the past year the number of companies trading on the TASE continued to decline, as it has every year since 2007. As the trading year closed Thursday, there were 452 companies on the exchange, down from 461 at the end of 2015 and in relatively stark contrast from the 637 companies listed on the exchange at the end of 2007.

Daily average trading volumes also declined this year, to 1.26 billion shekels from 1.44 billion a year earlier. Seventeen companies stopped trading on the exchange this past year, 10 of which were as a result of mergers or acquisitions. Five were dropped in the course of debt rescheduling and two, Silicom and Ituran Location and Control, were previously dual listed on the TASE and the Nasdaq exchange and are now only traded in New York. (Uri Tomer)

Tel Aviv Stock Exchange shares generally lower on last day of trading in 2016

The Tel Aviv Stock Exchange wrapped up 2016 on the down side.

The benchmark Tel Aviv 25 index was off by 0.55% on the day, closing at 1,470.78 points while the Tel Aviv 100 index dropped just a smidgen less, 0.54%, to 1,282.37. Trading volume was 1.7 billion shekels  ($442 million).

The Mid-Cap 50 index took a hit, dropping 1.4% to 758.31 points, and the Biomed index lost even more ground, closing at 446.75, down 0.9%.

The only index that bucked the trend was the Real Estate 15, which climbed 0.19% to 458.40. Among stocks of note were Biolight Life Sciences, a company specializing in ophthalmology treatments. Its shares jumped 45.44% to 13.19 shekels after a purchase offer well above the company’s share price. (Uri Tomer)