The Tel Aviv Stock Exchange (TASE) fell today. The Tel Aviv 25 index fell 0.40% to 1033.58 points, the Tel Aviv 100 fell 0.55% to 1024.94 points, and the Tel-Tech fell 1.79% to 378.61 points. Turnover was NIS 1.62 billion.
The TASE took a time-out for profit taking today from its impressive six-day bull run. Only two of the market’s last fifteen sessions have been negative. The past four consecutive weeks have also been positive. The Tel Aviv 25 index was up 0.5% on the short trading week, during which it reached new all-time highs.
Meanwhile, the shekel-dollar exchange rate continued to slide towards NIS 4.00/$. The NIS 4.10/$ barrier was easily breached today. The shekel-dollar exchange rate fell 15 today to NIS 4.066, a level not seen since December 2000.
In the stock market, Israel Chemicals Ltd. (TASE: CHIM) rose 1.7% after Deutsche Bank gave it a “Buy” recommendation at a target price of NIS 32, 6% above the current price.
Bank Hapoalim (LSE: BKHD; TASE: POLI) rose 1.2% on the day’s largest trading volume. The buoyant mood was created by an optimistic outlook for Israel by the IMF, which raised its growth forecast.
Bezeq The Israeli Telecommunication Co. Ltd. (TASE: BEZQ) rose 0.5% despite the publication of a highly unflattering interim report by external examiner Adv. Yoram Danziger about the functioning of the company’s compensation committee.
Africa-Israel Investments Ltd. (TASE:AFIL; Pink Sheets:AFIVY) fell 1.2%, after falling 1.3% yesterday. Despite the dip, the share is still traded at peak levels, and will probably stay there at least until further details become known about future value creation through IPOs of subsidiaries.
Published by Globes [online], Israel business news - www.globes.co.il - on April 12, 2007
© Copyright of Globes Publisher Itonut (1983) Ltd. 2007