TA-25 advances, paced by Israel Chemicals, Delek Group

Israel's benchmark stock index rose Tuesday, rebounding from a three-month low, as shares of Israel Chemicals Ltd. and Delek Group Ltd. gained.

By NEWS AGENCIES
August 7, 2007 08:02
3 minute read.
TA-25 advances, paced by Israel Chemicals, Delek Group

stock market going up 88. (photo credit: )

 
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SHARES TEL AVIV Israel's benchmark stock index rose Tuesday, rebounding from a three-month low, as shares of Israel Chemicals Ltd. and Delek Group Ltd. gained. The TA-25 Index added 7.62, or 0.7 percent, to 1,058.78 at the close in Tel Aviv. The gauge lost 3.7% Monday to close at the lowest since April 19. Investors traded about NIS 2.13 billion of shares and convertibles. Israel Chemicals, which extracts minerals from the Dead Sea to make fertilizers, climbed NIS 0.45, or 1.3%, to NIS 34.80. Delek Group, a holding company with stakes in energy and real estate, gained NIS 22.10, or 2.6%, to NIS 885.80. WALL STREET Stocks rebounded from three weeks of declines, led by financial companies, on prospects that earnings at banks and brokerages will buoy shares battered by credit-market losses. Merrill Lynch & Co. gained the most in almost a month on a UBS AG recommendation to buy the shares. UnitedHealth Group Inc., the biggest US health insurer, climbed after saying second-quarter earnings were higher than previously reported. The Standard & Poor's 500 Index increased 10.66, or 0.7%, to 1,443.72 during late morning trading in New York. The Dow Jones Industrial Average rallied 93.81, or 0.7%, to 13,275.72 and the Nasdaq Composite Index added 5.99, or 0.2%, to 2,517.24. EUROPE Stocks fell on mounting concern that losses in the US mortgage market will erode economic growth and raise financing costs for companies. UBS AG and Nordea Bank AB led a drop by financial shares. The Dow Jones Stoxx 600 Index lost 0.9% to 368.72. All 18 industry groups fell except for drugmakers and chemical companies. The Stoxx 50 slid 0.7%, while the Euro Stoxx 50, a measure for the euro region, declined 0.6%. National benchmarks retreated in all of the 17 western European markets that were open except Germany. France's CAC 40 slid 1.2% and the UK's FTSE 100 declined 0.6% to 6,189.10 while Germany's DAX added 0.1%. ASIA Stocks fell, extending a rout that wiped $2.66 trillion from global equities, on concern losses in the US subprime mortgage market will slow economic growth and drive up financing costs. Macquarie Bank Ltd. and DBS Group Holdings Ltd. led declines by brokerages and banks. Sony Corp. fell after the yen rose to a four-month high as investors pared bets on assets funded with the currency. Treasuries climbed as investors sought the safety of government bonds over equities and corporate debt. The Morgan Stanley Capital International Asia Pacific Index lost 1% to 151.32 at 6:21 p.m. in Tokyo. The benchmark has dropped 6.2% since closing at a record on July 24. The drop has wiped out more than the combined market value of South Korea and Australia since this year's peak on July 23. The Nikkei 225 Stock Average lost 0.4% to 16,914.46 in Japan while Singapore's Straits Times Index slid 3.7%. Benchmarks in Hong Kong, Indonesia, Malaysia, the Philippines and Thailand dropped by more than 2%. Indexes slid elsewhere in the region, except in China, where the CSI 300 rose 2.3% to a record. CURRENCY The shekel rose against the dollar to 4.3063 by 6:40 p.m. in Tel Aviv. The dollar fell against the euro and the yen Monday, continuing to react to last week's weaker-than-expected economic figures and fears over US housing market woes. Investors were awaiting the Federal Reserve's interest-rate announcement on Tuesday. The Federal Open Market Committee is widely expected to leave the benchmark rate unchanged at 5.25%, but investors will scrutinize the accompanying statement for clues as to the direction of future rate moves. In New York trading, the dollar was quoted at 117.85 yen, compared with 118.02 yen late Friday. In intraday trading, the dollar had dropped to 117.16 yen, the lowest level since March 29. The euro stood at $1.3794, up from $1.3775, and down from an earlier two-week high of $1.3839. COMMODITIES Crude oil fell the most in almost two months in New York on concern the US economy will slow, reducing demand at a time of rising supplies. Crude for September delivery declined $1.90, or 2.5%, to $73.58 a barrel during morning trading on the New York Mercantile Exchange, the biggest drop since June 8. Prices have fallen 6.6% since reaching a record $78.77 on August 1. Gold fell in New York on speculation the dollar's decline will stall, reducing the appeal of the precious metal as an alternative investment. Gold futures for December delivery fell $1.60, or 0.2%, to $682.80 an ounce on the Comex division of the NYMEX.


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