The Tel Aviv Stock Exchange (TASE) fell today despite the strong rises on European markets and Wall Street on Friday. The market was hit by Fitch's downgrade of the rating on the outlook of Israel's government debt with government bonds adversely effected in particular. The Tel Aviv 25 Index fell 0.51% to 1,445.87 points, the Tel Aviv 100 Index fell 0.58% to 1,285.11 points, but the BlueTech 50 Index rose 0.12% to 302.42 points. Turnover was NIS 643 million.
In the foreign currency market, futures pointed to a 0.74% rise in the shekel dollar representative rate set by the Bank of Israel on Friday to NIS 3.861/$, and a 0.45% fall in the shekel-euro exchange rate to NIS 4.787/€.
In the bond market, both long-term Shahar unlinked shekel government bonds and long term Galil CPI-linked government bonds fell sharply. The corporate bond benchmark Tel-Bond 20 Index fell 1.01%.
In the stock market, Discount Investment Corporation (TASE: DISI) fell 24.12% and IDB Development Corp. (TASE: IDBD) fell 17.25%, following the cancellation by Adama Holding Ltd. (TASE:ADMA.B1) of its NYSE public offering due to lack of demand. IDB's bonds also plunged.
In the Tel Aviv 25 Index,
Israel Chemicals Ltd. (NYSE: ICL; TASE: ICL) fell 0.15% on the day's highest turnover. Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA) rose 0.68% and NICE Systems Ltd. (Nasdaq: NICE; TASE: NICE) rose 0.90% for the largest rise on the Tel Aviv 25 Index.
Bank Hapoalim (TASE: POLI) fell 1.08%, Mizrahi Tefahot Bank (TASE:MZTF) fell 1.52%, and Isramco Ltd. (Nasdaq: ISRL; TASE: ISRA.L) fell 2.42% for the biggest fall on the Tel Aviv 25 Index.
Published by Globes [online], Israel business news - www.globes-online.com - on November 23, 2014
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