The TA-25 Index added 9.93

Israel's benchmark rose for the first time in three days Monday, paced by Israel Chemicals Ltd. and Israel Corp. Ltd.

October 23, 2007 08:19
3 minute read.


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SHARES TEL AVIV Israel's benchmark rose for the first time in three days Monday, paced by Israel Chemicals Ltd. and Israel Corp. Ltd. The TA-25 Index added 9.93, or 0.9 percent, to 1,182.38. Investors traded about NIS 2.25 billion in shares and convertible securities. Israel Chemicals climbed NIS 0.59, or 1.5%, to NIS 40.21. Israel Corp., which controls a majority stake in Israel Chemicals, rose NIS 131, or 3.7%, to NIS 3,680. Makhteshim Agan Industries Ltd., the world's largest maker of generic agrochemicals, gained NIS 1.23, or 3.7%, to NIS 34.70. Africa Israel Investments Ltd. retreated NIS 2.10, or 0.5%, to NIS 387.90. Cellcom Israel Ltd. advanced NIS 1.72, or 1.8%, to NIS 99.67. Ceragon Networks Ltd. soared NIS 8.38, or 13%, to NIS 73.92. The maker of wireless broadband networks said third-quarter earnings jumped to 11 cents a share from 6 cents in the same period last year as demand for Internet protocols rose. Elbit Medical Imaging Ltd. climbed NIS 10.30 or 5.1%, to NIS 213. The medical-company turned property developer expects $4b. in revenue from a planned residential and commercial project in Bangalore, India. Gilat Satellite Networks Ltd. jumped NIS 3.38, or 8.2%, to NIS 44.54. The maker of satellite terminals said its SkyEdge satellite communication system was selected by Russia's Federal Network Co. Ocif Investments and Development Ltd. gained NIS 2.90, or 2%, to NIS 144.90. The property company controlled by Russian-Israeli billionaire Arkadi Gaydamak signed an agreement to buy 90% of A. Arenson Ltd. for NIS 145 million in cash and shares. WALL STREET US stocks fell for a third day, extending the worst decline since August as the prospect of weakening economic growth pushed down mining and energy shares. The drop followed Europe's biggest slide in a month and the steepest in Asia since August 17 after finance ministers from the Group of Seven nations said the world economy is slowing. Exxon Mobil Corp. and Chevron Corp., the largest US oil producers, retreated after crude tumbled for a second day. Newmont Mining Corp., the world's second-biggest gold miner, slumped after gold slipped from a 27-year high. The Standard & Poor's 500 Index lost 1.86, or 0.1% to 1,498.77 midday in New York while the Dow Jones Industrial Average decreased 17.88, or 0.1%, to 13,504.14 and the Nasdaq Composite Index increased 13.95, or 0.5%, to 2,739.11, boosted by shares of Apple Inc. EUROPE Stocks fell after the Group of Seven finance ministers and central bankers said the rising cost of credit, record oil prices and the US housing slump will sap economic growth. The Dow Jones Stoxx 600 Index lost 1.3% to 375.8, the lowest since September 26, with all 18 industry groups falling except telecommunications companies. The Stoxx 50 slipped 1.1% and the Euro Stoxx 50, a measure for the euro region, sank 1.3%. National benchmarks decreased in all of the 18 Western European markets. The UK's FTSE 100 fell 1.1% to 6,459.30, while Germany's DAX also dropped 1.1% and France's CAC 40 retreated 1.4%. ASIA Stocks fell the most in two months after the Group of Seven comments. The Morgan Stanley Capital International Asia-Pacific Index fell 1.9% to 162.68 in Tokyo, its steepest decline since August 17. Benchmarks across the region fell. The Philippines' key stock index tumbled 4%, after a bomb blast on October 19 at a shopping mall killed 11 people and wounded 91 in the capital's financial district. The Nikkei 225 Stock Average slid 2.2% to 16,438.47, its lowest close since September 26. South Korea's Kospi fell 3.4%, led by Samsung Electronics Co. CURRENCY The shekel weakened to a Bank of Israel fixing of 4.034 against the dollar, down 0.398% from 4.0208 on October 19. It later traded at 4.0414 in Tel Aviv. The yen rose 0.07% to 114.43 per dollar midday in New York after touching the strongest since September 10. The yen's six-day winning streak is the longest since January 2005. Japan's currency also climbed 1.1% to 162 per euro after reaching the highest since September 18. The dollar appreciated 1% to $1.4155 per euro after falling to $1.4348, the lowest since the European currency's debut in January 1999. COMMODITIES Crude futures tumbled amid profit-taking after recent records and reports Kurdish rebels in Turkey are about to announce a cease-fire. Crude for November delivery was down $1.40, or 1.6%, at $87.20 a barrel midday on the New York Mercantile Exchange. The light-crude contract peaked at $90.02 a barrel on Friday. Gold fell the most in two weeks after the dollar rebounded from a record against the euro reducing the appeal of the precious metal as an alternative investment. Gold futures for December delivery dropped $14.50, or 1.9%, to $753.90 on the Comex division of the NYMEX.

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