Tel Aviv-25 Index shows little change

Given Imaging Ltd. advanced 3.7% on news that Fujifilm would begin distributing its Pillcam SB line in Japan.

By NEWS AGENCIES
January 21, 2009 11:31
2 minute read.

SHARES TEL AVIV The Tel Aviv-25 Index was little changed, adding 0.37, or less than 0.1 percent, to 669.78 at the close in Tel Aviv. Investors traded about NIS 793 million in shares and convertible securities. Bank Hapoalim Ltd. fell 1.5%, and Israel Discount Bank Ltd. declined 1.2%. The Bank of Israel will require banks to increase their capital adequacy ratio to 13% from 12% by the end of 2011 to comply with the second part of Basel II, Globes reported. The directive means banks will have to increase their capital by NIS 9 billion. Brainsway Ltd. rose 3.9%. The maker of medical devices to treat brain disorders expects to start generating revenue by the end of this year and might make a profit by 2010, CEO Uzi Sofer said. Given Imaging Ltd. advanced 3.7% The maker of a capsule-sized camera for diagnosing digestive ailments said Fujifilm would begin distributing its Pillcam SB line in Japan. WALL STREET US stocks fell, adding to losses from the market's worst week since November, as concern the deepening global recession will hurt profits sent a gauge of financial shares to an almost 14-year low. State Street Corp., the largest money manager for institutions, tumbled 53% after unrealized bond losses almost doubled. Wells Fargo & Co. and Bank of America Corp. slumped more than 20% on an analyst's prediction that they'll need to take steps to shore up capital. As Barack Obama's presidency begins, the Standard & Poor's 500 Index extended its retreat since Election Day to 16%. The S&P 500 sank 4.4% to 813.15 at 3:02 p.m. in New York. The Dow Jones Industrial Average slid 276.14 points, or 3.3%, to 8,005.08. EUROPE European stocks declined for a second day, led by technology companies and banks, on concern earnings will deteriorate as the economic slump deepens. National benchmark indexes fell in all 18 western European markets except the UK. The FTSE 100 added 0.1% to 4,091.4. France's CAC 40 Index lost 1.2%, while Germany's DAX declined 0.8%. ASIA Japan's Nikkei 225 stock average lost 2.3% to 8,065.79, paring losses in the afternoon after dipping under the key 8,000-level during the morning session. Elsewhere, Hong Kong's Hang Seng index lost 2.9% and Australia's S&P/ASX200 fell 3.1%. CURRENCIES The shekel depreciated as much as 1.3% against the dollar to 3.9130 and was at 3.8885 by 5:17 p.m. in Tel Aviv. The dollar gained beyond $1.29 per euro for the first time since December 9 as concern global banking losses will deepen boosted the greenback's appeal as a haven. The British pound weakened 3.6% to $1.3906 from $1.4420, after reaching $1.3863, the lowest level since June 2001. Against the euro, the pound slid as much as 2.8% to 93.25 pence, from 90.60. COMMODITIES Crude oil rose more than $2 a barrel in New York, the most in more than two weeks, as traders purchased futures for February delivery before the contract expires today. Crude oil for February delivery rose $2.34, or 6.4%, to $38.85 a barrel at the 2:30 p.m. close of floor trading on the New York Mercantile Exchange. Gold prices rose to the highest in more than a week on speculation that the recession will deepen as banks continue to fail, boosting the appeal of the precious metal as a haven. Gold futures for February delivery rose $15.30, or 1.8%, to $855.20 an ounce on the Comex division of the New York Mercantile Exchange.


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