Subscribe to Print Edition | Thu., December 04, 2008 Kislev 7, 5769 | | Israel Time: 07:45 (EST+7)
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Market Report / May was good, and TASE rose 3%
By Nathan Sheva

The Tel Aviv Stock Exchange ended May yesterday with a 2.6% gain for the month by the TA-25 and a 3% rise by the TA-100. The week also ended on a pleasant note, with the losses from the beginning of the week erased in the past few days. The market recovered enough to hit a three-month high. Gains on world markets helped push the TASE along the day May TA-25 options expired. The TA-25 rose 0.8% to close at 1,114 points. For the week the blue-chip index gained 1.4%. The TA-100 rose 0.9% for the day to close at 1,035 points. It was up 1.3% for the week. The TelTech-15 gained 0.1% yesterday. Turnover was relatively high at NIS 3.7 billion, only partly due to the options expiry.

Trading took place amid a heavy dose of first-quarter financial reports, including the two big banks and The Israel Corporation.
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Bank Hapoalim, which lost NIS 1.6 billion for the quarter on the sale of its mortgage-backed securities portfolio, was actually up 3% for the day as investors expected the worst to be over. Leumi rose 2.5% even though its first-quarter profits were half of last year's.

The Israel Corporation climbed 2.7% as it reported a 164% jump in profits. Israel Chemicals continued to gain and the firm is nearing a value of NIS 100 billion. The share rose 1.5% yesterday on huge turnover of NIS 700 million. ICL is now up 51% since the start of 2008.

The Real Estate-15 rose 2.7%, with Africa Israel gaining 2.7%, in expectation of its first-quarter report which will be published today.
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