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TASE hits new record high

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Tuesday, October 12th, 2010

As reported in Globes.co.il: The Tel Aviv 25 Index passed its previous peak of 1,239 points in morning trading.

The Tel Aviv Stock Exchange (TASE) reached a new all time high this morning. The Tel Aviv 25 Index of the largest companies traded on the TASE was up 0.3% in morning trading at 1,241 points beating the previous high of 1,239 points recorded in April. In early afternoon trading the Tel Aviv 25 slipped back to 1,238 points.

Meitav Investment House Ltd. chairman Zvi Stepak said that he sees a high likelihood that global stock markets are ripe for more sharp rises. In Stepak’s opinion, there is high market potential for the Tel Aviv 25 to surpass 1,300 points because prices are still reasonable and the gradual rise in interest rates has not harmed the market.

Stepak added that it is clear that after the recent rises there is the possibility of profit taking but the basic trend is upwards and therefore it is not worth moving in and out of the market but rather simply staying in the market.