TASE down as world markets jitter

TA 25 Index down 2.64% as European markets continue to slide.

May 20, 2010 17:43
1 minute read.
TASE down as world markets jitter

TASE new 224.88. (photo credit: Courtesy of Sambach)

The Tel Aviv Stock Exchange registered sharp losses on Thursday, as stocks dropped around the world.

The Tel Aviv 25 Index dropped 2.64 percent to 101.45 points, while the Tel Tech was down 3.49% to 234.45. The Real Estate Index saw a 4.91% loss to 268.87 points.

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The dollar was down against the shekel by 0.49% to NIS 3.38.

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Internationally, concern over Europe's debt crisis and figures showing an unexpected increase in US jobless claims last week left most of the world's leading indexes now trading below where they started 2010.

In Europe, the FTSE 100 index of leading British shares was down 101.74 points, or 2 percent, at 5,056.34 while Germany's DAX slid 140.31 points, or 2.3 percent, to 5,848.36. The CAC-40 in France was 102.60 points, or 2.9 percent, lower at 3,409.07.

Things got no better at the US open — the Dow Jones industrial average plunged 197.93 points, or 1.9 percent, while the broader Standard & Poor's 500 futures slid 23.81 points, or 2.1 percent, to 1,091.24.

The European debt crisis continues to be the main point of interest in the markets and fears are growing that it may prove to be the catalyst to a renewed downturn in global growth, if not an outright slide back into recession — while stocks tank, oil prices have slid below $70 a barrel but US Treasuries have surged.

Further weighing on sentiment was the news that new claims for unemployment benefits in the U.S. rose by 25,000 to a three-month high of 471,000 — the consensus in the markets was for a modest fall to 440,000.

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