The Tel Aviv Stock Exchange (TASE) fell today. The Tel Aviv 25 index fell 0.19% to 1054.44 points, the Tel Aviv 100 fell 0.10% to 1025.91 points, but the Tel-Tech rose 0.79% to 401.18 points. Turnover was NIS 1.91 billion.
A good start to the week on most Asian and European markets gave the TASE a boost today, but the market made a U-turn in afternoon trading, and weak opening on Wall Street finally sent the TASE into negative territory.
In the foreign currency market, the shekel appreciated 0.85% against the dollar to NIS 4.202/$, a six-week low for the exchange rate, and appreciated 0.4% against the euro to NIS 5.6672/€.
In the stock market, the usual cohort had the day’s largest trading volumes. Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA) fell 0.8%, Bank Hapoalim (LSE: BKHD; TASE: POLI) fell 0.2%, and Bank Leumi (TASE: LUMI) fell 0.7%. Mizrahi Tefahot Bank (TASE:MZTF) fell 2.8% after publishing its financials, which were in line with expectations. The Banking Index fell 0.8%.
Africa-Israel Investments Ltd. (TASE:AFIL; Pink Sheets:AFIVY.PK) corrected upwards 1.8% today, and Gazit-Globe Ltd. (TASE: GLOB) rose 1.2% on the strength of yesterday’s good financials. Together, they helped boost the Real Estate 15 index 0.7%. Azorim Investment, Development and Construction Ltd. (TASE: AZRM) plunged 8.9% in fairly heavy trading on rumors about the company, which were strenuously denied by the company’s management.
Strauss Group Ltd. (TASE:STEL) rose 0.6% ahead of the publication of its financials tomorrow. IDB Holding Corp. Ltd. (TASE:IDBH) subsidiary Discount Investment Corporation (TASE: DISI) rose 1.3% after publishing strong financials today. Oil Refineries Ltd. (TASE:ORL) fell 1.5% on middling financials, but investors may fear that the worst is yet to come because of narrowing refining margins. Retailer Blue Square Israel Ltd. (NYSE: BSI; TASE: BSI) fell 7.6% on tepid results.
Ormat Industries Ltd. (TASE: ORMT) rose 3.3% on news of progress towards finalizing of the very large Sarulla Geothermal Project in Indonesia in which it is a part.
Published by Globes [online], Israel business news - www.globes.co.il - on August 20, 2007
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