Sun: TASE slumps on arbitrage gap

NICE Systems, Israel Chemicals and Teva were among dual-listed companies that fell hard.

The Tel Aviv Stock Exchange (TASE) fell today. The Tel Aviv 25 Index fell 1.99% to 1,433.80, the Tel Aviv 100 Index fell 2.17% to 1,282.59 points, and the BlueTech 50 Index fell 3.22% to 299.59 points. Turnover was NIS 670.1 million.

The TASE began a short trading week because of the Sukkot holiday with another new record, falling sharply in line with European markets and Wall Street on Thursday and Friday.

In the foreign currency market, futures trading pointed the shekel-dollar rate remaining unchanged from the shekel dollar representative rate set by the Bank of Israel on Friday at NIS 3.722/$, and a 0.30% fall in the shekel-euro exchange rate to NIS 4.705/€.

In the bond market, both long-term Shahar unlinked shekel government bonds and long term Galil CPI-linked government bonds rose. The corporate bond benchmark Tel-Bond 20 Index rose 0.15%.

In the stock market, dual-listed shares were hit hard by negative arbitrage gaps. NICE Systems Ltd. (Nasdaq: NICE; TASE: NICE) fell 3.95% for the largest fall on the Tel Aviv 25 Index.

Israel Chemicals Ltd. (NYSE: ICL; TASE: ICL) fell 3.54% and parent company Israel Corporation (TASE: ILCO) fell 2.85%. Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA) fell 2.85% on the day's largest trading turnover. Cellcom Israel Ltd. (NYSE:CEL; TASE:CEL) fell 3.62% and Partner was down 3.4%.

Delek Group Ltd. (TASE: DLEKG) fell 3.65% and Strauss Group Ltd. (TASE:STRS) rose 1.37% - the only Tel Aviv 25 Index share to rise today.

Among smaller cap dual listed companies Photomedex Inc. (Nasdaq: PHMD; TASE: PHMD) fell 13.9% and Tower Semiconductor Ltd. (Nasdaq: TSEM; TASE: TSEM) fell 7.8%.

Published by Globes [online], Israel business news - www.globes-online.com - on October 12, 2014

© Copyright of Globes Publisher Itonut (1983) Ltd. 2014

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