Chinese stocks rebound from fall

Israel's main stock index declined for a second day after falling the most in seven months Tuesday, following global equity declines triggered by a plunge in China.

By NEWS AGENCIES
March 1, 2007 07:10
3 minute read.

 
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SHARES TEL AVIV Israel's main stock index declined for a second day after falling the most in seven months Tuesday, following global equity declines triggered by a plunge in China. Ormat Industries Ltd. led the fall. The TA-25 Stock Index dropped 4.06, or 0.4%, to 971.60 in Tel Aviv, as 16 shares fell and nine advanced. Investors bought and sold about NIS 2.44 billion in shares and convertibles. Ormat, an operator of geothermal power turbines, declined NIS 1.09, or 2.1%, to NIS 50.50. Ormat Technologies Inc., which is 64%-owned by Ormat Industries said annual revenue from electricity amounted to $195.5 million. "The company was far from the projections it made at the end of the third quarter of $200m.," Clal Finance Batucha Investment Management said in a report. Elbit Systems Ltd. gained NIS 1.70, or 1.2%, to NIS 144.10. Israel's biggest non-government defense company said Tuesday the US Marine Corps placed an order valued at $51m. for its laser target systems. Given Imaging Ltd. retreated NIS 1.15, or 1.3%, to NIS 88.20. The maker of a capsule camera for medical treatment of the small intestine said fourth-quarter profit fell 57% to $1.5m. as costs rose faster than sales. WALL STREET US stocks rebounded from their biggest plunge in four years as strategists advised investors against selling equities and Federal Reserve Chairman Ben S. Bernanke said he still expects the economy to pick up steam. The Dow average added 58.72, or 0.5%, to 12,274.96 midday in New York, while the Standard & Poor's 500 Index rallied 8.87, or 0.6%, to 1,407.91. All 10 industry groups in the benchmark rose. The Nasdaq Composite Index increased 10.73, or 0.5%, to 2,418.59. EUROPE European stocks had the biggest two-day drop in 4 1/2 years. The Dow Jones Stoxx 600 Index lost 1.5% to 365.04 at the close in London. The measure had the biggest two-day loss since 2002. The Stoxx 50 fell 1.8%. and the Euro Stoxx 50, a measure for the 13 nations sharing the euro, slid 1.7%. National benchmarks slid in all 18 western European markets. France's CAC 40 declined 1.3%, Germany's Dax fell 1.5% and the UK's FTSE 100 lost 1.8% to 6,171.50. ASIA China shares ended higher, breaking away from a regional sell-off as other Asian benchmarks fell for a second straight session and extended the dramatic decline that rippled around the world on Tuesday. The Shanghai Composite Index, which tracks shares listed on the bigger of China's two stock markets, ended up 3.9% at 2,881.07. The benchmark fell 8.8% on Tuesday, the biggest single-day point drop for the benchmark index in a decade, followed concerns that the government may introduce additional macroeconomic tightening measures to cool speculative activity. In Monday's trading, the Shanghai benchmark had ended at an all-time high. The Shenzhen Composite Index, a gauge of stocks on the smaller of China's exchanges, rose 3.8% to 736.81, partially reversing an 8.5% slide on Tuesday. In Tokyo, the Nikkei 225 Index ended 2.9% lower, falling 515.80 points to 17,604.12. Tokyo's broader Topix index staged its biggest single-day decline in eight months, down 3.2%, in surrendering 58.59 points to end at 1,752.74. CURRENCY The dollar advanced from a 10-week low against the yen and rose versus the euro after Bernanke's testimony. The dollar rose to $1.3219 per euro at late morning in New York from $1.3242 Tuesday. The US currency also gained to 118.62 yen from 117.93. COMMODITIES Crude oil fell from the year's high on concern that fuel demand will grow by less than forecast because of slowing economic growth in the US and China, the world's two biggest oil consumers. Crude oil for April delivery fell 73 cents, or 1.2%, to $60.73 a barrel late morning on the New York Mercantile Exchange. Gold futures for April delivery fell $17.70, or 2.6%, to $669.50 an ounce on the Comex division of the NYMEX.

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