Mon: Mellanox, EZchip rebound

Mellanox and EZchip bucked the market, which was pulled down by the banks.

The Tel Aviv Stock Exchange (TASE) fell today. The Tel Aviv 25 Index fell 1.08% to 1,190.91 points, the Tel Aviv 100 Index fell 1.03% to 1,052.32 points, and the BlueTech 50 Index fell 0.47% to 314.87 points. Turnover was NIS 962 million.

The TASE fell again today, despite a mixed session on European markets but in line with losses at the opening on Wall Street.

In the foreign currency market, the Bank of Israel set the shekel-dollar representative exchange rate at NIS 3.746/$, down 0.06% on Friday's rate, and set the shekel-euro representative exchange rate unchanged NIS 4.954/€, up 0.12%.

In the bond market, long-term Shahar unlinked shekel government bonds rose by up to 0.1%, and long term Galil CPI-linked government bonds rose by up to 0.2%. The corporate bond benchmark Tel-Bond 20 Index rose 0.11%.

In the stock market, Mellanox Technologies Ltd. (Nasdaq:MLNX; TASE:MLNX) and EZchip Semiconductor Ltd. (Nasdaq: EZCH; TASE:EZCH) bucked the market, rebounding 2.3% and 1.7%, respectively, for the biggest gains among Tel Aviv 25 shares. Clal Finance today initiated coverage of EZchip with a "Buy" recommendation and target price of $44.

The Banking Index fell hard, down 2.3%, led by a 3.1% drop by Israel Discount Bank (TASE: DSCT) for the biggest loss among Tel Aviv 25 shares. Bank Leumi (TASE: LUMI) fell 2.4% and Hapoalim fell 2.2% on the day's biggest turnovers of NIS 33.5 million and 44.6 million, respectively.

On the Tel Aviv 100 Index, Allot Communications Ltd. (Nasdaq:ALLT; TASE: ALLT) rose 1.2%, after Clal Finance initiated coverage with a "Buy" recommendation and target price of $24. Kardan NV (TASE: KRNV;AEX:KARD) fell 1.4%, after selling Tahal House in Tel Aviv for NIS 74 million, on which it will report a profit of NIS 53 million. Koor Industries Ltd. (TASE:KOR) fell 0.9%, after amending the terms of its loan agreement with Citigroup Inc. (NYSE: C) and Morgan Stanley (NYSE: MS) on its loan taken to finance the acquisition of shares in Credit Suisse Group AG (NYSE: CS; SWX: CSGN; XETRA: CSGZ).

Mid-Cap Modiin Energy LP (TASE:MDIN.L) fell another 6%, after announcing that it was reducing royalties and fees paid to its general partner.

Published by Globes [online], Israel business news - - on December 24, 2012

© Copyright of Globes Publisher Itonut (1983) Ltd. 2012

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