The Tel Aviv Stock Exchange (TASE) fell again today. The Tel Aviv 25 Index fell 2.25% to 632.57 points, the Tel Aviv 100 Index fell 2.49% to 550.49 points, the Tel-Tech Index fell 1.22% to 128.66 and the Real Estate Index was down 4.18% to 135.36 points. Turnover was NIS 1.18 billion.
On the foreign currency markets the shekel was weaker today, with the shekel-dollar exchange rate up 0.99% at NIS 3.873/$, while the shekel-euro exchange rate climbed 1% to NIS 5.42/€.
Negative sentiment prevailed again today as the Tel Aviv 25 Index completed a 9% fall over the past two weeks. The TASE has fallen more steeply than global markets in recent days. While uncertainty over interest rates and expected cuts explains some of the nervousness, many market experts feel that the TASE has over-reacted in its recent falls.
In the stock market, Africa-Israel Investments Ltd. (TASE:AFIL; Pink Sheets:AFIVY) registered one of the sharpest falls, losing 8.8% on the news that Midroog had lowered the rating for the bond series of its subsidiary Africa-Israel Housing Ltd. (TASE:AFHS) from Aa3 to A1.
Another loser today was Delek Automotive Systems Ltd. (TASE:DLEA), which fell 4.8%, among other things because it will be relegated from the Tel Aviv 25 Index at the end of the year.
Israel Chemicals Ltd. (TASE: ICL) fell for the fourth straight day with its share down 2.1%.
The banks also suffered heavy losses with Israel Discount Bank (TASE:DSCT) falling 4.4%, Bank Leumi (TASE:LUMI down 3.7% and Bank Hapoalim (LSE: 80OA; TASE: POLI) off 2.9%.
Teva Pharmaceutical Industries Ltd. (Nasdaq:TEVA; TASE:TEVA) fell 1.4% despite news that the US Food and Drug Administration (FDA) has granted tentative approval for an abbreviated new drug application (ANDA) to market its generic version of Seroquel tablets in various dosages.
Property and Building Corp. Ltd. (TASE:PTBL) of IDB Holding Corp. (TASE:IDBH) fell 4.5% after Maalot lowered the rating for two of its bond series from AA to A+ in part because of the high risk of its project in Las Vegas in partnership with Yitzhak Tshuva.
Published by Globes [online], Israel business news - www.globes-online.com - on December 17, 2008
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