Market Report / Investors Cash in on Gains

Investors yesterday indulged in profit-taking after over a week of continuous gains in Tel Aviv. The TA-25 retreated 0.7 percent to 982.3 points. The broader TA-100 index shed 0.9 percent to close at 981.4 points. Turnover was relatively lively at NIS 1.8 billion.

Israel Discount Bank (TASE:DSCT) tanked 8.6 percent to help drag down the banking index 2.3 percent. The bank reported a surge in net profits, but profits would have declined if it weren't for one-time income.

Bank Leumi (TASE:LUMI) reported the same story, boasting profits of NIS 3.5 billion in 2006 but were propped up by one-time transactions. Its shares slid 0.9 percent in response.

Israel Chemicals (TASE:CHIM) rebounded from early losses to close up 0.8 percent after reporting 10 percent growth in the fourth quarter of 2006.

The Israel Corporation (TASE:ILCO) reported that a dive in profits at Zim caused its bottom line to sink 46 percent to NIS 855 million in net profits. Shares in the holding company were off, however, by just 0.1 percent.

Delek Group (TASE:DLEKG) fell 1.1 percent despite a 143 percent jump in profits to NIS 1.5 billion.

Real estate company Africa Israel (TASE:AFIL) continued its climb, gaining 1.5 percent, and is now up 20 percent over the past week.