The Tel Aviv Stock Exchange (TASE) fell today. The Tel Aviv 25 Index fell 0.37% to 681.37 points, the Tel Aviv 100 Index fell 0.47% to 604.07 points, and the Tel-Tech fell 1.78% to 149.81 points. Turnover totaled NIS 1.015 billion.
The market was lower the entire today, though a late afternoon rally which cut some of its losses.
Harel Finance analysts write, "There is a high likelihood of a further Bank of Israel interest rate cut on January 26, apparently of 0.5%, unless the shekel weakens considerably by then."
They base their opinion on the fact that three of five managers at the most recent interest rate discussion wanted a steeper rate cut, and on negative inflation expectations for the coming months, as well as on falling employment figures.
The representative shekel-dollar exchange rate rose 0.513%, and was set at NIS 3.915/$, while the representative shekel-euro exchange rate was set 0.442% lower at NIS 5.2085/€.
Israel Chemicals Ltd. (TASE: ICL) fell 7.08%, following a drop of 11% yesterday by Canadian rival PotashCorp.
Healthcare companies continued to stand out. Biocancell Therapeutics Ltd. (TASE:BICL) soared 51.9% on news that the FDA authorized a Phase I/IIa trial of Biocancell's ovarian cancer treatment. LifeWave Hi-Tech Medical Devices Ltd. (TASE:LIFE) rose 33.78% after reporting talks with a US group on a deal that would see the US group pay $48 million as part of a joint venture to market LifeWave's BST wound management device. LifeWave has not had a down day in 2009.
Bank shares fell. Antitrust Authority director general Ronit Kan has offered the banks a deal in which they would pay a large fine in settling charges of bank fee collusion. Bank Leumi (TASE: LUMI) fell 0.56%, Bank Hapoalim (LSE: BKHD; TASE: POLI) fell 1.03%, Israel Discount Bank (TASE: DSCT) rose 0.48%, and Mizrahi Tefahot Bank (TASE:MZTF) fell 0.79%.
Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA) rose 0.6%.
The Tel-Bond 20 corporate bond benchmark index was virtually unchanged, rising 0.04% to 205.01.
Published by Globes [online], Israel business news - www.globes-online.com - on January 13, 2009
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