Market Report / Steady Opening on Wall Street Moderates Losses in Tel Aviv

The Tel Aviv Stock Exchange closed down for the second day in a row with moderate losses, influenced by the stable opening on Wall Street toward the end of trading in Tel Aviv.

The Tel Aviv Stock Exchange yesterday closed down for a second day in a row this week with moderate losses, influenced by the stable opening on Wall Street toward the end of trading in Tel Aviv.

New York markets opened the week down too, but much less than the steep drops in Asian and European markets yesterday, particularly in the financial sector.

The TA-25, which opened trading by losing 1 percent, ended the day off only 0.4 percent at 1,225.3 points. The index had gained 17 percent since mid-September. The TA-100 lost 0.5 percent to close at 1,173.5 points.

The TelTech-15 lost 1 percent, while the mid-cap Yeter-50 was also down about 1 percent. Bond markets saw small gains of up to 0.15 percent for long-term Shahar and Galil bonds. Turnover on Ahad Ha'am Street was NIS 2.1 billion.

The Banks-5 index, which spent most of the day down over 1 percent, actually ended the day with a small rally to close up 0.2 percent. Shares of Bank Hapoalim and Bank Leumi rose 0.6 percent and 0.3 percent respectively after being down 1 to 1.5 percent earlier in the day.

However, the Real Estate-15 remained in the red all day to close off 0.7 percent, after seeing 1.5 percent losses earlier in the day. Africa Israel was unchanged for the day, while Gazit Globe managed to rise 0.6 percent.

The last two days marked heavy profit-taking in the two shares that have led the TA-25 since the beginning of 2007, The Israel Corporation, which lost 1.6 percent yesterday; and its subsidiary, Israel Chemicals, which lost 2.9 percent for the day. The Israel Corporation had risen 85 percent since the start of the year, and Israel Chemicals was up 73 percent. Israel Chemicals had the highest turnover for the day, NIS 240 million: over 10 percent of the total trading volume.

Scope shares jumped 6.4 percent on an exceptional turnover for the company, NIS 9 million. On Sunday the share lost 4 percent after cancelling its Nasdaq issue, and has lost 22 percent in a month.