The Tel Aviv Stock Exchange closed slightly up today. . The Tel-Aviv 100 index closed up 0.14% at 386.68 points. The Maof index closed up 0.25% at 396.96 points.
A tower can be built from the assessments, analyses and commentaries on the behavior of the TASE - and a simple explanation can also be given - a natural fall, after a continuous wave of rises over several months. In effect, the pre-Barak euphoria offset the post-Barak reality. The stock market went from "cheap" prices to "reasonable", and is now looking for a direction
Former Ministry of Finance Avraham Shochat’s talk of stock exchange taxation did not make it crash. The stock exchange, and its players already took to heart the possibility that taxation could become a reality on the introduction of a comprehensive reform, and it is reasonable to assume that imposition of the tax would pass relatively quietly. However, taxation of the stock market is always a good excuse for declines.
Another excuse is the activities of Maof players who have been selling basic assets for several days as part of completed arbitrage.
Leumi leads activity
When it comes to daily trading, Barak’s smoothing announcement in fact contributing to today’s calm. The stock market started the day on negative territory, with quotations rising slightly toward lunch time.
Bank Leumi’s shares again led market activity, closing unchanged, on a turnover of NIS 30 million. Since the beginning of the month, a recovery has been felt in the share, as evidenced by the large off floor deals. At the same time, activity in the bank’s 5 options jumped up a step. The options are in the money, maturing at the end of the year.
Bank Hapoalim shares also traded on a high turnover of NIS 24.6 million, down 1%. "Maariv" reported today that the bank’s management decided to renew its plan to issue on Wall Street, following sharp rises (40% since the beginning of the year). The bank had planned to issue its shares on Wall Street a year ago, but the global financial crisis and the plunge in the bank’s shares torpedoed the move.
Bank Hapoalim reported today toward the end of trading that it plans to issue up to 30 million shares of share capital, for NIS 300 million. The shares are expected to be posted for trading in London and the intention is to offer them to institutional bodies in the US. Bank Hapoalim contacted Goldman-Sachs to review terms and dates for the issue.
Published by Israel's Business Arena May 24, 1999
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Israel business stocks shares TASE quotes quotations
Israel business stocks shares TASE quotes quotations
Israel business stocks shares TASE quotes quotations
Israel business stocks shares TASE quotes quotations
Israel business stocks shares TASE quotes quotations
Israel business stocks shares TASE quotes quotations
Israel business stocks shares TASE quotes quotations
Israel business stocks shares TASE quotes quotations
Israel business stocks shares TASE quotes quotations
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