Tel Aviv stocks close with sharp gains

Tel Aviv 25 Index closes at 652.18, up 4.57 percent, while the Tel Aviv 100 rises 5.01%, to 580.48.

TASE new 224.88 (photo credit: Courtesy of Sambach)
TASE new 224.88
(photo credit: Courtesy of Sambach)
Tel Aviv stocks rose sharply Tuesday in the wake of the Treasury's announcement of a new plan to provide NIS 11 billion to banks and pension funds. The Tel Aviv 25 Index closed at 652.18, up 4.57 percent, while the Tel Aviv 100 rose 5.01%, to close at 580.48. The Tel Tech rose by 1.45%, to 132.32, and the Real Estate Index was up 4.31%. The bank index climbed 7.26%, closing at 647.o3 points. In currency trading, the dollar was trading for NIS 3.938 and the euro was selling for NIS 5.131. Earlier Tuesday, Asian markets rose robustly as investors regained some confidence on Wall Street's second straight day of day of strong gains, spurred by a US government bailout of banking giant Citigroup. Initial reaction in the region to the Citigroup news - which broke midday Monday in Asia - was tepid, and most benchmarks had ended the day lower. But after seeing markets in Europe and the US surge overnight, Asian investors joined in the rally. In Japan, which had been on holiday Monday, the Nikkei 225 stock average soared 413.14 points, or 5.2 percent, to 8,323.93. Australia's benchmark S&P/ASX200 index leaped 5.8 percent to close at 3,623.4, led by materials, energy, banks and consumer discretionary stocks. Hong Kong's Hang Seng index rose nearly 4 percent to 12,940.42, and the Philippines' main index jumped more than 6 percent. Among major indices, only mainland China and Singapore were in the red. Wall Street and European markets surged Monday on news that the US government will take a $20 billion stake in Citigroup and guarantee hundreds of billions of dollars in risky assets. The Dow Jones industrials soared 396.97 points, or 4.93 percent, to 8,443.39 Monday - the first two-day advance since Oct. 31. US stock index futures were mixed. Dow futures were up 4 points, or 0.1 percent, to 8,389, while Nasdaq futures were down 5.25 points, or 0.5 percent, to 1,141.75.