TASE Falls for Fourth Week in a Row

Banks down, Teva up, El Al falls after HCJ decision to reject its petitions

Stocks fell today in Tel Aviv, with the TA-100 index lower by 0.6% to 806.26 and the TA-25 falling 0.7% to 785.68. February Maof options expired today at 789.3, and indices were unable to finish higher.

21 out of the 25 stocks that make up the TA-25 index fell today. A prominent gainer was Teva. Shares in Teva, which rose 2.6% yesterday on Wall Street to close over $42 per share, rose almost 2% today on the TASE.

El Al fell 2.6%. The High Court of Justice decided today to reject three petitions brought on behalf of the company, and installed Israir as a second designated carrier on the New York to Tel Aviv route.

The major banks closed down, dragging the market with them. Bank Hapoalim closed down 2.1 %, on top of the 5% it has lost since the beginning of the year, and Leumi was down 2.3%. Bank Discount was down 1.3% while Mizrachi Bank fell 0.2%.

Shares in ICL rose over 3.8% on the highest trading volume of the day. Clal Finance Batucha has set a target price of NIS 20, after the shares fell 5% from the beginning of the year. ICL also rose on news that Bill Doyle, CEO of PotashCorp, which owns over 10% of ICL, spoke of a long term strategy to control and operate companies in which they have invested.

Shares in Willi-Food rose today by 3.8% on turnover of over NIS 1.2 million. The firm announced today that it would float subsidiary Goldfrost on London?s AIM, raising $ 7.9 dollars at a company valuation of $32.4 million. Willi-Food expects to reflect  capital gains of $ 3.1 million on the offering.

Matav Cable Systems announced today that it would voluntarily delist itself from NASDAQ trading, and trade exclusively on TASE. The company closed up 2%.

IDB Holding was down 0.9%.