Africa-Israel shares dropped 6.7 percent on the Tel Aviv Stock Exchange Wednesday.
Updated November 24, 2009 8:55 IST
Economic & Financial Monthly Review
Although the growth rate probably increased in the third quarter of the year, we do not regard this as indicative of the future pace of recovery. Indeed, certain indicators suggest that the pace of growth will actually slow during the coming months.
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Consumer Confidence Index
Bank Hapoalim’s and TNS Teleseker’s Israeli Consumer Confidence Index declined slightly in October. Bank Hapoalim economists: We estimate that after a period of six months, characterized by a robust economic recovery, we may be standing before a period of stable or slightly lower growth rates. Credit card sales have stabilized in August and September as have the manufacturing sector indexes.
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Economic Outlook
Bank Hapoalim reported its Financial Results for the Second Quarter of 2009: Net Profit of NIS 382 million for the Second Quarter of 2009 . The Bank reinforced its Capital Adequacy Ratio to 12.83%, exceeding its year-end objective (12%)
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