Shares Fall on ECB Rate Hike

Stocks fell about a percent yesterday after declines on Wall Street and Europe. The European Central Bank raised interest rates for the euro zone by 25 basis points to 4.0 percent, a six-year high.

The TA-25 index declined 1.0 percent to 1,122 points, while the broader TA-100 fell at a similar rate to 1,118 points. The Tel-Tech 15 eased 0.4 percent. Turnover was normal at NIS 1.9 billion.

Delek Group (TASE:DLEKG) fell 0.9 percent after winning the tender for the Pi Glilot fuel storage terminals for NIS 800 million.

Petro Group (TASE:PTGR) continued to arouse interest among investors two days after Arcadi Gaydamak picked up 65 percent of Ameris Holdings (TASE:AMRS), which holds a 51 percent stake in the company. Petro, which had soared 62 percent Tuesday, traded up as much as 14 percent before ending the day 5.1 percent in the red.

Israel Corporation (TASE:ILCO) climbed 0.7 percent after investment bank Deutsche Bank began coverage of the holding company with a buy recommendation and a target price 25 percent above the stock's opening price.

Fashion company Bagir (TASE:BGIR) jumped 6.8 percent after announcing an offer to buy back shares worth NIS 59 million.

Teva Pharmaceutical Industries (TASE:TEVA) rose 0.3 percent after an analyst upgrade to outperform.