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TASE Market Update

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Thursday, June 24th, 2010

In keeping with the trend in securities markets around the world, trading on the Tel Aviv Stock Exchange (TASE) during the fourth week of June was marked by high volatility and declines in all leading indices.

The TA-25 which decreased 1.2% over the week is now 4.5% lower than its level at the beginning of the year.  This follows an increase of 75% in 2009.

The TA-100 which dropped the same this week is 4.2% lower than its level at the beginning of the year, following a sharp increase of 89% in 2009.

The Tel-Tech 15 index and “Finance-15“, index of leading finance companies shares dropped 2.7%, followed by The Estate-15, index of large real estate companies’ shares dropping by 1.3%.

The TASE announced today that at the semi-annual index composition update the companies: “Azrieli Group“(AZRG) and “Isramco“(ISRA.L) will join the TA-25 index instead of “Ormat Industries”(ORMT) and “Harel Investments”(HARL). The changes will be effective as of July 1, 2010.

The Israeli treasury raised US $220 million this week in a local government bond issue, bringing the 2010 total to US $7 billion, after total of $ 17.4 billion raised in the entire 2009.

The Bank of Israel’s composite state-of-the-economy index rose by 0.1% in May, as in the previous month, and completed a rise of 1.5% from the beginning of the year. Figures released by Israel’s Central Bureau of Statistics indicate that unemployment rate in April remained unchanged at 6.9%.