Jul.11, 2012 | 5:53 AM–Stocks rose mildly on Tuesday on the Tel Aviv Stock Exchange after euro bloc finance ministers approved the bailout plan for Spain on Monday.
European markets rose strongly as a result, and the TASE followed global markets upward. The TASE opened the day down by up to 0.25%, but moved into the green before midday and stayed there.
In local news, the market was also affected by the Knesset’s approval of the bill on debt-restructuring agreements, the so-call haircut law, requiring the courts to supervise corporate debt-restructuring deals.
The blue chip TA-25 index rose 0.3% to close at 1,079 points on Tuesday, and the broader TA-100 index gained 0.1% to end the day at 985 points. The TA-Banks index rose 0.6% and the Real Estate-15 index gained 0.8%.
Almost all the major indexes closed in positive territory on Tuesday, except for technology shares. The Biomed index fell 1.4% and the BlueTech-50 index lost 1.3%. The Gas and Oil Exploration index jumped 1.6%.
Turnover was once again low at NIS 720 million, but still some NIS 200 million over its recent averages.
The large-cap corporate TelBond indexes rose by 0.1% to 0.2%. The TelBond-Shekel index climbed 0.4%. Government bonds were mixed after yields fell to new lows at the beginning of the week. Inflation-linked Galil bonds rose slightly while unlinked Shahar bonds were down slightly.
Investors seem to have changed their minds about Israeli interest rates – a few days ago, they thought rates would drop another 0.25% by the end of the year…Read More>>