May.29, 2012 | 1:41 AM?The trading week started on a positive note, with the blue-chip Tel Aviv-25 gaining 0.9%, closing at 1,060.04 and the broader TA-100 up 0.6% to 976.56. Leading the way, however, was the Communications index, which gained 4.5%. The Banks-5 index chalked up a 1% gain for the day while the Real Estate-15 index rose by 0.4%. The Tel Bond added 0.6%.
In the communications sector, B Communications, which owns Bezeq, gained 8.5% on the day, while Bezeq itself rose by 6.1%. Internet Gold gained 8.25% and Cellcom and Parter, which does business in Israel as Orange, rose by 3.6% and 1.75% respectively, while HOT closed 7.5% higher. Standouts for their declines included Prolor Biotech, which slumped 3.6%, EZchip Semiconductor, which shed 3.9% and Kardan N.V., which fell 6%.
Idan Azulay, the CEO of Epsilon mutual fund management firm said Monday?s positive Tel Aviv trading came against the backdrop of news that Germany would agree to the issuance of Eurobonds, and that the pro-austerity party in Greece was now in the lead in advance of next month?s elections there. The good news in Europe, Azulay said, might provide a temporary respite from negative trends. ?I find it hard to see how a Eurobond mechanism can be established,? he added, ?in light of the fact that there is no unified fiscal policy in the [euro] zone.?
On the local front, Azulay noted the positive movement of communications stocks, following recent sharp declines. ?We still believe the risk levels at the communications companies and the companies connected to them is too high,? he warned?Read More>>
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