Maof-25 closes down 1.8% on TASE selling trend - TheStreet

Leading TASE indices were on a constant negative trend Tuesday, in contrast to their northbound trek of the last couple of weeks. Investors' eagerness to sell was the cause of the reversal.

The Maof-25, which opened with a 0.8% climb, continued its decline all the way down 1.5%. The TA-100 lost 1.7%, and the Tel Tech 15 shed 0.96%. Total turnover was NIS 330 million. In the last five minutes pre-closing the Maof dropped 2.5%, then closed down 1.8%.

Klein's announcement from this morning he may hike the interest back up if the government does not meet his demands to reduce its deficit also cooled off the northward trend of the last few days.

Long-term shekel bonds rose 0.4%, while dollar-linked long-term bonds weakened with the dollar, shedding 0.87% by the end of the session.

Teva Pharmaceuticals (Nasdaq:TEVA) lost 0.5% on NIS 68 million turnover, in spite of 1% climbs throughout most of the session.

Bank shares were on the decline. Bank Hapoalim closed down 1.3%, Bank Leumi lost 2% and Mizrahi Bank dipped 1%.

Tower Semiconductor (Nasdaq:TSEM) gained 2.9% on NIS 2.3 million turnover on a

Yedioth Ahronoth

report of a convertible bond issue next week planned by the company, which is hoping to raise $20 million to $25 million to be invested in its Fab 2 plant now being built in Migdal Ha'emek.

Partner Communications (Nasdaq:PTNR), which opened with a negative 2.4% arbitrage gap, closed down 3.9% on rumors the company may merge with Pele-Phone.