In a dramatic day on the Tel Aviv Stock Exchange, the main indices rose, and turnover was a record NIS 16.4 billion. Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA) alone accounted for NIS 7.6 million.
The day's main event was of course the reclassification of Israel in the MSCI indices as a developed economy. The trading session was extended several times because of the MSCI upgrade and a block of sell and buy orders for today. Trading eventually closed just before 18:00. The MSCI reclassification itself came into effect after the close.
By the close, the Tel Aviv 25 Index rose 1.74% to 1,107.12 points; the Tel Aviv 100 Index rose 2.18% to 1,029.18 points; and the Tel-Tech Index rose 4.17% to 235.57 points. Turnover totaled NIS 16.39 billion.
The corporate bond benchmark Tel-Bond 20 Index rose 0.17%.
In the foreign currency market, the shekel-dollar representative exchange rate fell 0.65% to NIS 3.845/$, and the shekel-euro representative exchange rate fell 0.14% to NIS 4.729/€.
A top foreign trader on the TASE told "Globes", "There's a block of buy and sell orders in the huge amount of over $1 billion waiting for the closing stage. Some foreign investors are exploiting the high liquidity to sell shares such as Bezeq and Teva. Bezeq has been under heavy selling pressure in recent days. Foreign investors whom I've never seen before, and others whom I probably will never see again, are also active today."
Teva closed 1.8% down, while Bezeq jumped 6.09%.
Published by Globes [online], Israel business news - www.globes-online.com - on May 26, 2010
© Copyright of Globes Publisher Itonut (1983) Ltd. 2010
Published by Globes [online], Israel business news - www.globes-online.com - on May 26, 2010
© Copyright of Globes Publisher Itonut (1983) Ltd. 2010