Mon: Stocks sink further but bonds rebound

Delek resumed its steep slide and Teva and NICE again bucked the market as the Bank of Israel boosted government bonds.

Stocks on the Tel Aviv Stock Exchange continued to slide today but bonds were boosted by the Bank of Israel's quantitative easing program. The Tel Aviv 35 Index fell 0.96%, to 1,171.21 points; the Tel Aviv 125 Index fell 0.85%, to 1,105.95 points; but the BlueTech Global Index rose 0.69%, to 278.86 points. The TelBond 20 corporate bond index rose 0.31%, to 324.55 points. Turnover was again very high, totaling NIS 2.66 billion in equities and NIS 7.91 billion in bonds.

On the foreign exchange market, the representative shekel-dollar rate was set 2.808% higher than Friday's rate, at NIS 3.698/$, and the representative shekel-euro rate was set 2.059% higher, at NIS 3.901/€.

On the market, Delek Group Ltd. (TASE: DLEKG) plunged 40.77% for the biggest fall on the Tel Aviv 35 Index on news that two more foreign banks want the company to repay its debt immediately. Oil Refineries Ltd. (TASE:ORL) fell 13.59%, Alony Hetz Property and Investments Ltd. (TASE: ALHE) fell 8.15% and hotel chain Fattal Holdings (TASE: FTAL) fell 12.21%. Azrieli Group Ltd. (TASE: AZRG) fell 6.90% and Elbit Systems Ltd. (Nasdaq: ESLT; TASE: ESLT) fell 0.68%.

Bank Leumi (TASE: LUMI) fell 1.95% on the day's biggest trading turnover. Mizrahi Tefahot Bank (TASE:MZTF) fell 7.17% and Bank Hapoalim (TASE: POLI) fell 2.90%.

Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA) rose 2.91% and NICE Systems Ltd. (Nasdaq: NICE; TASE: NICE) rose 3.41%. Perrigo Company (NYSE:PRGO; TASE:PRGO) rose 1.77% and Harel Insurance Investments and Financial Services Ltd. (TASE: HARL) rose 6.68% for the biggest rise on the Tel Aviv 35 Index.

Published by Globes, Israel business news - - on March 23, 2020

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