Subscribe to Print Edition | Sat., August 30, 2008 Av 29, 5768 | | Israel Time: 13:59 (EST+7)
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Market Report / TA-25 up 1.5%, but banks buck the trend
By Yael Pollak

The first trading day of the week ended on a good note at the Tel Aviv Stock Exchange, as the TA-25 rose 1.5% to close at 1,054 points, while the TA-100 was up 1.4% to end at 984 points.

The Real Estate-15 jumped another 2.9% and is now 7.5% above its level of a week ago. Turnover was only NIS 1.4 billion.
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The TASE once again closed early at 2:15 p.m. due to the work sanctions by stock market employees.

Last Friday the governor of the Bank of Israel, Stanley Fischer, noted that the global financial crisis will not exempt Israel. He explained the need to restrain state spending and to do everything possible to keep the banks strong and stable.

Other news hanging over the markets was The Economist's critique of Israel's economy released late last week; the report was not overly complimentary about the economy's long-term prospects.

The TASE also rose despite continued bad economic news on the U.S. economy at the end of last week, such as new figures on lower-than-expected employment. Wall Street also had mixed results last Friday.

Makhteshim Agan shot up 6.9% yesterday after investment bank UBS kept its Buy rating and set a target price of NIS 37.44 - 33% above the stock's opening price yesterday. Leader Capital Markets also kept its Buy recommendation for the share, forecasting that the first quarter was very strong for Makhteshim.

Bank shares bucked yesterday's positive trend; the Banks-5 index lost 0.6%. Bank Hapoalim fell 1.7% and is now trading at 0.93% of its shareholders' equity. It was revealed yesterday that while the bank had written down $500 million so far on its portfolio of mortgage-backed securities, the bank still holds NIS 4 billion worth of such assets, whose value has yet to be appraised by an outsider.

Suny rose 3%. Ilan Ben-Dov's company announced it was negotiating to buy control of Scailex from Israel Petrochemical Enterprises. Petrochemical shares jumped 7% on the news. Scailex's main holding is 15.76% of Oil Refineries Limites (ORL), which is controlled by The Israel Corporation. ORL stock was unchanged.

Alvarion rose 0.2% after suffering huge losses last week on the news it was correcting its financial reports.

Israel Chemicals rose 2.8%. The share basked in forecasts of further increases in potash prices, and attracted the day's highest trading volume, NIS 250 million. Last week the share rose 8%. Yesterday Israel Chemicals helped push up its parent, The Israel Corporation, which rose 6.4%.

Mellanox rose 7.1%.
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