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| Trading on the Tel Aviv Stock Exchange (TASE) during the fourth week of May was mixed and marked by high volatility.
On Wednesday, May 26th, the day the MSCI upgrade of the Israeli market from “Emerging” to “Developed market” status came into effect; TASE experienced a record trading volume of some US $4.4 billion, three times higher than the former December 2007 record and three times higher than average daily turnover in the previous months.
The TA-25 index gained 0.2% for the week, yet remained 3.6% lower than its level at the beginning of the year. This follows a sharp increase of 75% in 2009. The TA-100, which slightly rose 0.1% for the week, closed 3.9% lower than its level at the beginning of the year, following an increase of 89% in 2009.
The Estate-15 index of major real estate firms rose 1.1%, while the Finance-15 index of large financial services companies and the Tel-Tech 15 index of large technology companies lost 2.4% and 0.4% respectively.
The Israeli Treasury raised US $410 million this week in a local government bond issue, bringing the 2010 total of capital raised to US$6.2 billion, as opposed to US$17.4 billion in the entire 2009 calendar year.
The Bank of Israel left interest rates unchanged at 1.5% for the third month running.
Figures released by Israel’s Central Bureau of Statistic reveal that during the first quarter of 2010 there was a slowdown in the pace of growth for the first time in three quarters. GDP increased by 3.3% annualized, as opposed to 4.8% in the previous quarter. This relative slowdown is also reflected in figures released by the Bank of Israel showing only a modest increase of 0.1% in the Composite State-of-the-Economy Index in April.
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