The TA 100 rose 0.68% to 557.21 points. The TA 25 index rose 0.59% to 560.82 points, and the Tel-Tech index was up 1.19% at 685.32 points. Turnover amounted to NIS 384 million.
The market climbed another 0.5% today. It climbed and then waited. There is no trading on Wall Street tonight due to the US Independence Day, and the Tel Aviv market will have another day to ponder its direction. Estimates are optimistic, although players try hard to be restrained and use cautious language.
Salomon Provident Funds today released its latest fund Day Trading, raising $30 million, not exactly an enormous feat ( despite the intensive public relations campaign).
Salomon Provident Funds general manager Gili Cohen regards the amount raised positively, believing the public is showing an interest in additional investment channels. "Economic data look good and encourage the capital market, which from certain aspects is a mirror of the economy, reacts accordingly. The new economy and Israeli high tech will constitute an excellent spur for the economy and the capital market. Overall, the share component in the public's portfolio has increased, and this is a good trend."
Bezeq continued northwards, and attracted the day's highest turnover (the share rose 2%, on a turnover of NIS 33 million). As far as is known, no new event is taking place at Bezeq, and everyone is waiting for the decision on privatization. Discount Investments, for which Bank Hapoalim issued an enthusiastic "Buy" recommendation yesterday, today climbed 2.7%, on a relatively large turnover. Clal Industries attracted a lot of attention, trading in a mixed trend, apparently due to the spin off in Orckit, in which it is invested. Orckit spun off its chip activity and last night launched the new company. Today, investors have earned 14%, compared with the share price on Friday.
The Israel Corporation today announced an agreement with US company Sandisk in which the latter will invest $75 million in Tower Semiconductor (in which The Israel Corporation has a 45% holding) to set up a new Tower plant. In the meantime, it appears that this has not been finalized, and everyone is waiting to see whether the company will receive government aid. The Israel Corporation share 1 rushed to rise 5%, on lively turnovers.
Under the assumption that the plant will be established in Israel, engineering firm Bern was mentioned as the contractor. Bern specializes in setting up engineering projects, and the company set up the Intel plant in Kiryat Gat. The press reported today that Intel is about to invest $40 million in the next two years in its Jerusalem-based R&D center, in order to double its activity and upgrade manufacturing. The Bern share climbed 1.3% today.
Other reports that the Anti-trust Authority is asking Sonol parent company Granite Carmel to freeze the process of entering the Thetis Sea exploration partnership sent Granite southwards 1% (after it had skyrocketed 30% since June 22). Granite Hacarmel is planning to acquire US company Reading & Bates' holding in Thetis Sea (15%) for $120 million.
Thetis Sea is a joint venture, set up for oil and natural gas explorations along Israel's coast. Other investors are US company Samedan - 40% (drilling operators), Delek - 23.7% and Avner 21.3%.
Published by Israel's Business Arena on 4 July, 2000
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