Wed: Banks drag market down

The banks fell for the second straight day as Mellanox had the biggest loss among Tel Aviv 25 shares.

The Tel Aviv Stock Exchange (TASE) fell today. The Tel Aviv 25 Index fell 0.13% to 1,208.65 points, the Tel Aviv 100 Index fell 0.1% to 1,069.99 points, and the BlueTech 50 Index fell 0.12% to 315.10 points. Turnover was NIS 807.8 million.

The TASE fell slightly again today, in line with losses on European markets and a mixed opening on Wall Street.

In the foreign currency market, the Bank of Israel set the shekel-dollar representative exchange rate at NIS 3.733/$, down 0.03% on yesterday's rate, and set the shekel-euro representative exchange rate at NIS 4.963/€, down 0.39%.

In the bond market, long-term Shahar unlinked shekel government fell by up to 0.1%, but long term Galil CPI-linked government bonds rose by up to 0.2%. The corporate bond benchmark Tel-Bond 20 Index rose 0.08%.

In the stock market, the banks again led the market downward. The Banking Index fell 0.9%, led by 1.5% drops by Bank Leumi (TASE: LUMI) and First International Bank of Israel (TASE: FTIN). Bank Hapoalim (TASE: POLI) fell 0.4% on the day's biggest turnover of NIS 49.3 million.

Cellcom Israel Ltd. (NYSE:CEL; TASE:CEL) rose 1.8% for the biggest gain among Tel Aviv 25 shares, and Partner Communications Ltd. (Nasdaq: PTNR; TASE: PTNR) rose 1.3%. Elbit Systems Ltd. (Nasdaq: ESLT; TASE: ESLT) rose 1.4% after announcing its selection for an award to supply UAVs to the US Army.

Mellanox Technologies Ltd. (Nasdaq:MLNX; TASE:MLNX) fell 1.8% for the biggest loss among Tel Aviv 25 shares.

On the Tel Aviv 100 Index, Clal Insurance Enterprises Holdings Ltd. (TASE: CLIS) fell 0.1%, on news of more layoffs.

Tower Semiconductor Ltd. (Nasdaq: TSEM; TASE: TSEM) had the biggest gain among Tel Aviv 100 shares, with a gain of 3.5%. Gilat Satellite Networks Ltd. (Nasdaq: GILT; TASE: GILT) rose 1.1% on a Southeast Asian contract.

Mid-Cap Palram Industries Ltd. (TASE: PLRM) rose 1.7% after announcing a NIS 100 million contract to supply thermoplastic boards to a German DIY chain.

Published by Globes [online], Israel business news - www.globes-online.com - on January 16, 2013

© Copyright of Globes Publisher Itonut (1983) Ltd. 2013

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