Tel Aviv-25 falls

Can-Fite BioPharma Ltd. rose the most on record, increasing 20%.

SHARES TEL AVIV The Tel Aviv-25 Index fell for a second day, dropping 11.65, or 1.7 percent, to 661.24 at the close in Tel Aviv. Investors traded about NIS 1.11 billion in shares and convertible securities. Can-Fite BioPharma Ltd. rose the most on record, increasing 20%. The drugmaker has signed an agreement to award Kwang Dong Pharmaceutical Co. a license for its CF101 arthritis drug in Korea. KDP also agreed to buy a 1% stake in Can-Fite, paying 50% more than the trading price of the shares. Israel Chemicals Ltd. fell 6.1%. The company, which extracts Dead Sea minerals, said it would maintain its planned output of potash at its Sdom facility and cut production in Europe as fertilizer demand falls. WALL STREET US stocks fell, erasing last week's advance, as a deteriorating outlook for corporate earnings offset expectations that government efforts to revive the economy will succeed. Walgreen Co., the second-largest US drugstore chain, tumbled 5.6% after first-quarter profit trailed analysts' estimates. Monsanto Co. declined 7.85 as Goldman Sachs Group Inc. said the recession will drive down earnings at the world's largest producer of seeds. The Standard & Poor's 500 Index, which climbed 0.9% last week, retreated 1.9% to 871.46 at 2:10 p.m. in New York. The Dow Jones Industrial Average slipped 71.13 points, or 0.8%, to 8,507.98. EUROPE The FTSE 100 Index of leading British shares closed down 37.77 points, or 0.9%, at 4,249.16. Germany's DAX was down 1.2%, while France's CAC-40 fell 2.3%. ASIA Japan's Nikkei 225 Index rose 135.26 points, or 1.6%, to 8,723.78 despite the latest bad news about the country's exports. Hong Kong's Hang Seng Index dropped 3.3%, while South Korea's Kospi dipped 0.1%. Singapore, Australia and mainland China benchmarks were each down more than 1. 5%. CURRENCIES The shekel fell 2.9%, its biggest one-day loss since July 10, and was trading at 3.8597 at 5:31 p.m. in Tel Aviv. It earlier dropped as much as 3.1% to 3.8675 per dollar. The dollar weakened 0.2% to $1.3937 per euro from $1.3912. The ruble weakened as much as 1% to 28.4651 versus the dollar, the lowest level since January 2006, as Bank Rossii allowed the currency to decline for the second time in three working days and the ninth time since November 11, according to a central bank official. The currency has slid 17% against the dollar since the beginning of August. COMMODITIES Crude oil fell on speculation OPEC will be unable to bolster prices as the global recession curbs demand faster than the group can make production cuts. Crude oil for February delivery fell $1.32, or 3.1%, to $41.04 a barrel at 12:44 p.m. on the New York Mercantile Exchange. Prices have dropped 72% from a record $147.27 on July 11. Gold rose, halting a two-session slide, as a decline in the dollar revived the appeal of the precious metal as an alternative investment. Gold futures for February delivery rose $10, or 1.2%, to $847.40 an ounce at 11:25 a.m. on the New York Mercantile Exchange's Comex division. The metal has gained 11% in the past two weeks.