The Tel Aviv Stock Exchange (TASE) fell today. The Tel Aviv 25 Index fell 1.97% to 1,154.96 points, and the Tel Aviv 100 Index fell 1.94% to 1,048.26 points, and the BlueTech 50 Index fell 1.36% to 266.43. Turnover was NIS 2.16 billion.
The TASE's losing streak extended to its seventh day today, and the Tel Aviv 25 Index is down 6.3% for the week.
In the bond market, long-term Shahar unlinked government rose by up to 0.2% and long-term Galil CPI-linked bonds ranged between losses of 0.1% and gains of 0.3%. The corporate bond benchmark Tel-Bond 20 Index rose 0.05%.
In the foreign currency market, the shekel-dollar representative exchange rate rose another 0.72% to NIS 3.489/$, and the shekel-euro representative exchange rate rose another 0.30% to NIS 4.973/€.
In the stock market, Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA) and Delek Group Ltd. (TASE: DLEKG) bucked the market, with gains of 0.6% and 0.5%, respectively.
Israel Chemicals Ltd. (TASE: ICL) fell 4.1% on the day's largest turnover of NIS 200 million, and its parent company, Israel Corporation (TASE: ILCO), fell 1.8%. Canadian potash export organization Canoptex yesterday signed a 700,000-ton contract with India at higher prices. Leader Capital Markets today raised its recommendation for Israel Chemicals to "Buy".
The banks led the market down. Mizrahi Tefahot Bank (TASE:MZTF) fell 4.4% for the biggest loss among Tel Aviv 25 shares, and its peers, Bank Hapoalim (TASE: POLI) fell 3.5%, Bank Leumi (TASE: LUMI) fell 3.4%, and Israel Discount Bank (TASE: DSCT) fell 4.3%.
Telecom stocks also had a bad day. Orange franchisee Partner Communications Ltd. (Nasdaq: PTNR; TASE: PTNR) fell 2.8% and Cellcom Israel Ltd. (NYSE:CEL; TASE:CEL) fell 1.2%, ahead of the publication of their financials next week. Bezeq Israeli Telecommunication Co. Ltd. (TASE: BEZQ) fell 2%.
Harel Finance predicts a drop in Cellcom's figures, saying, "We continue to consider investment in Cellcom has the least preferred option in the sector." IBI Investment House predicts that Partner will report its lowest profit margins since 2005
IDB Holding Corp. Ltd. (TASE:IDBH) unit Koor Industries Ltd. (TASE:KOR) fell 4.1% as shares in Credit Suisse Group AG (NYSE: CS; SWX: CSGN; XETRA: CSGZ), in which it owns 3.2%, fell sharply. Migdal Capital Markets nonetheless raised its recommendation for Koor to "Buy".
Published by Globes [online], Israel business news - www.globes-online.com - on August 4, 2011
© Copyright of Globes Publisher Itonut (1983) Ltd. 2011