BREAKING NEWS

Sharp slide pushes Tel Aviv 25 below 1,000 points

By GLOBES

NOVEMBER 27, 2011 14:54

Sharp losses in morning trading on the Tel Aviv Stock Exchange (TASE) have pushed the Tel Aviv 25 Index below the 1,000-point threshold for the first time since September 12. By midday, both the Tel Aviv 25 and Tel Aviv 100 indices were down 2.2 percent to 995 and 906 points, respectively. The market was falling for the 10th straight session, shaving 10.2% off the the Tel Aviv 25 Index.

Continuing grim news from Europe, despite market gains on Friday, and from the US, where Wall Street fell, continue to affect the TASE. On Friday, S&P cut its bond rating for Belgium from AA+ to AA-, Moody's cut its rating for Hungarian government bonds to junk bond status, and Fitch Ratings warned that it might cut its AAA rating for France.

Seventeen of 21 analysts in a Bloomberg poll expected the Bank of Israel to cut the interest rate for December by 25 basis points to 2.75%. Four analysts expect the Bank of Israel to keep the interest rate unchanged.

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