Market Report /Real Estate Tumbles 3.6 Percent

The Tel Aviv Stock Exchange (TASE) started the week lower, a continuation of the profit taking that started last Thursday after a long period of sharp gains. The worsening of the security situation near Gaza also weighed on sentiment.

It seems the political and security uncertainty, as well as the long stretch of record highs convinced investors to lock in gains particularly yesterday.

The TA-25 lost 1.2 percent to close at 1,101 points, while the broader TA-100 fell 1.3 percent to 1,087 points. The TelTech-15 eased 0.6 percent.

The real estate index dropped 3.6 percent for the day, mostly as a result of the losses by Africa Israel (TASE: AFIL), which tumbled 6 percent on the day's largest turnover of NIS 151.4 million. Africa has lost 19.5 percent since the beginning of May. Total turnover was NIS 1.6 billion.

This week will be a short trading week due to the Shavuot holiday on Wednesday, and the market will be closed on Tuesday as well. However, a flood of first-quarter reports are expected this week.

Teva (TASE: TEVA) rose 0.7 percent.

The banks index was down 2 percent, with Bank Hapoalim (TASE: POLI) off 2.6 percent and Bank Leumi (TASE: LUMI) off 1.7 percent yesterday.