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| Trading on the Tel Aviv Stock Exchange (TASE) during the third week of December was marked by declines in all indices.
The TA-25 decreased 1.5%, bringing the cumulative year-to-date increase to 70%. The TA-75, that did not change this week, continued to stand out with cumulative year-to-date gains of 140%. This stellar performance can be attributed to the sharp increase in share prices earlier this year of shares involved in the discovery of gas in two sites off Israel’s Mediterranean shore.
Shares of the large real estate companies decreased by 5%, while major banks and Tel Tech-15, index of key high-tech companies decreased only by 1%- 1.5%.
The Israeli treasury raised an additional US $360 million this week in a local government bond, bringing the year-to-total to $17 billion, 15% more than the amount raised in 2008.
Israel’s Consumer Price Index rose by 0.5% in November, bringing the year-to-date inflation rate to 3.9%.
The IMF submitted this week the Concluding Statement of the 2009 Article IV Mission International Monetary Fund, on December 14, 2009 to Israel to the Minister of Finance, and to the Governor of the Bank of Israel. They stated that Israel passed the global crisis in the good form. Likewise they include recommendations to strengthen certain economic actions.
The Governor of the Bank of Israel, Professor Stanley Fischer, said: "We are pleased that the mission expresses support of the monetary policy of the Bank of Israel, but we must not become complacent as a result of the positive report on the economy".
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