Thu: Teva leads TASE slump

Israel Corp continued to fall, while Delek Group and the big banks also had a bad day.

The Tel Aviv Stock Exchange (TASE) fell today. The Tel Aviv 25 Index fell 1.5% to 1,227.95 points, the Tel Aviv 100 Index fell 1.46% to 1,116.79 points, and the BlueTech 50 Index fell 1.4% to 270.01 points. Turnover was NIS 1.52 billion.

The TASE again fell sharply across the board today, except for the Tel Bond indices. The Tel Aviv 25 Index fell 0.8% for the week and 7.4% for the year to date.

In the bond market, long-term Shahar unlinked government bonds rose by up to 0.1%, and long-term Galil CPI-linked bonds rose by up to 0.3%. The corporate bond benchmark Tel-Bond 20 Index rose 0.12%.

In the foreign currency market, the shekel-dollar exchange rate fell 0.41% to NIS 3.406/$. The shekel-dollar exchange rate fell below NIS 3.40/$ in inter-bank trading before the Bank of Israel intervened and bought $150 million. The shekel-euro representative exchange rate rose 0.08% to NIS 4.93/€.

In the stock market, all the shares on the Tel Aviv 25 Index fell, led by a 3.7% drop by Delek Group Ltd. (TASE: DLEKG).

Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA) fell 1.6%, despite announcing FDA approval for a generic Alzheimer's drug and the launch of a new double-dose clinical trial for Copaxone.

Israel Corporation (TASE: ILCO) fell another 2.5% as it continues to be embroiled in the controversy of the Ofer family's alleged dealings with Iran.

Bank Hapoalim (TASE: POLI) fell 1% on the day's largest turnover of NIS 101 million, Bank Leumi (TASE: LUMI) also fell 1%, and Israel Discount Bank (TASE: DSCT) fell 0.4%.

Among Tel Aviv 100 shares, First International Bank of Israel (TASE: FTIN) rose 0.3%, to rise 6.8% for the week, the biggest gain among the index's shares. Real estate developer Elbit Imaging Ltd. (Nasdaq: EMITF; TASE: EMIT) fell another 4.3% and was down 10.7% for the week, the biggest loss among the index's shares.

Brainsway Ltd. (TASE:BRIN) rose 4.9% after announcing that it would postpone a Nasdaq offering.

TechnoPlus Ventures Ltd. (TASE:TNPV) rose 5.6% after announcing that a portfolio company, Shekel Scales Company 2008 Ltd., would begin commercial operations in China.

Published by Globes [online], Israel business news - www.globes-online.com - on June 2, 2011

© Copyright of Globes Publisher Itonut (1983) Ltd. 2011

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