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Stocks rose strongly across the board yesterday on the Tel AvivStock Exchange as gains on European markets, together with apositive close on Wall Street Tuesday, combined to fuel theoptimism on Ahad Ha'am, as bank shares led the TASE up. All the major indexes were in the green throughout the day as theTASE opened strongly and stayed there. The blue chip TA-25 indexgained 1.3% to close at 1,069 points, and the broader TA-100 indexrose 1.4% to end the day at 984 points. The TA-Banks index rose 2.2%, and the Real Estate-15 index gained0.7%. The BlueTech-50 index climbed 1.5%, and the Biomed index rose1.3%. The Oil and Gas Exploration index rose "only" 0.4% for the day. TheTA-Communications index rose 0.8%. Turnover was average for recent times, at just over NIS 1 billion,but still far below the volume a year ago. A number of traders were not so optimistic about yesterday's stronggains. Recent low turnover allows large institutional investors andothers to affect trading, they say. The traders blame much of the recent volatility on the lowturnover, saying the variability is the result of low tradingvolume - and investors shouldn't read too much into recent moves bythe market. A trader from one of the major dealers said the recent recovery isnothing more than a correction after the pessimism of recent weeksbased on the European debt crisis. Mixed news locally The TASE rose despite mixed local economic news, showing once againthat investors have their eyes fixed on what is happening in globalmarkets. On Tuesday, the Finance Ministry released data on may taxrevenues, which show the 2012 budget deficit growing fast as taxcollections continue to fall short. Large-cap corporate bonds, as represented by the TelBond indexes,rose 0.3% to 0.4%. The TelBond-Shekel index rose 0.2%. Bank shares were led upward by Bank Leumi, which climbed 2.9%.Israel Discount Bank gained 2.5% and Bank Hapoalim rose 1.2%. After a few days of recovery, both Cellcom and PartnerCommunications fell again, losing 2.9% and 5.2% respectively. Butcommunications shares rose overall, mostly due to a 9.2% jump byInternet Gold and B Communications, which gained 4.4%. Not only did Partner shares drop heavily the day after the deal tosell control of the cellular operator back to Hutchison Whampoa,but shares of Scailex, the vehicle that controls Partner, dropped2.1% - after climbing 28% Tuesday on the news. Ilan Ben-Dov's Suny Electronic gained 3.6% after rocketing up 129%on Tuesday - on hopes that the Partner sale would rescue thecompany. Kardan N.V. jumped 15.4% to help lead real estate shares up, andElco Holdings, one of Israel's largest industrial groups, rose 4%.Africa Israel gained 3.7% and TowerJazz rose 4% after announcing areorganization. Clal Insurance gained 3.2% yesterday after a 7% rise on Tuesday.The IDB group company seems to be attempting to convince its 4,000employees not to unionize, and workers are claiming the company isemploying a range of tactics to combat the formation of a union. The dollar lost ground against the shekel yesterday, down 0.2% to arepresentative rate of NIS 3.887. The euro moved in the oppositedirection against the local currency, up 0.5% to a representativerate of NIS 4.863. This basically reflected the trends in global forex marketsyesterday as the euro recovered slightly. The European Central Bankdashed investors' hopes regarding the easing of monetary policy oranother flood of cheap liquidity for banks - despite saying theeuro zone money market has again become "dysfunctional." At its monthly meeting, the ECB left interest rates on hold at 1%.The move raised pressure on EU political leaders to outline asolution to the bloc's festering debt crisis at a summit later thismonth. Riskier banking and mining stocks led a technical rally amongEurope's top shares yesterday. The FTSEurofirst rose 2.2%, whileBritain's FTSE, which is heavily weighted toward mining and bankingassets, jumped 2.4% and Germany's Dax added 2.1%. Reuters contributed to this report. We are high quality suppliers, our products such as Seamless Gutter Machine , China Guardrail Forming Machine for oversee buyer. To know more, please visits Double Layer Forming Machine.
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