Tags: BNJERUSAL | BNSTAFF | BNTEAMS | DUX | EM | EUBNX | GOWEB

Israel Shares Drop Most in Week on US Growth Concern, Protests

Sunday, 04 Sep 2011 06:56 AM

 

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink

Israeli shares slumped the most in a week amid concern the U.S. economy may slip into a recession and after more than 400,000 people demonstrated against the high cost of living in the Middle East nation.

Perrigo Co., the maker of over-the-counter drugs, slid the most in almost three weeks. Discount Investment Corp., billionaire Nochi Dankner’s holding company, retreated 4.4 percent. The TA-25 Index dropped 2.4 percent to 1,104.61 at 11:29 a.m. in Tel Aviv, the biggest intraday decline since Aug. 25. In the U.S., the Standard & Poor’s 500 Index tumbled 2.5 percent on Sept. 2.

Israelis took to the streets Saturday to protest against rising housing and other living costs, the daily Haaretz reported. Prices of homes have increased about 40 percent in the last three years, in part because of the nation’s “very slow” planning and construction process, Bank of Israel Governor Stanley Fischer said on Aug. 1.

The declines in Israeli stocks are being triggered “80 percent from overseas and 20 percent from the protests,” said Saar Golan, a trader at Clal Finance Batucha Brokerage Ltd. in Tel Aviv. “The concern is that the protests will lead to a stricter regulatory environment for companies and higher taxes.”

U.S. stocks dropped last week as the S&P 500 posted its biggest monthly decline in more than a year and a report showing employment stagnated in August fueled concern the world’s largest economy may slip into a recession. Payrolls were unchanged, the weakest reading since September 2010, the Labor Department said Sept. 2.

Perrigo retreated 4 percent, the most since Aug. 16, to 324.50 shekels. Discount Investment declined to 31.62 shekels, the lowest level since Aug. 29.

Israeli government bonds rose, sending the yield on the benchmark 5 percent Mimshal Shiklit down 12 basis points, or 0.12 percentage point, to 4.34 percent in Tel Aviv.

In the Persian Gulf, Dubai’s DFM General Index slipped 0.3 percent and Abu Dhabi’s gauge decreased 0.1 percent. Saudi Arabia’s Tadawul All Share Index rose 0.1 percent, while Kuwait’s measure rose 0.6 percent. Qatar’s QE Index jumped 1.2 percent and Bahrain’s BB All Share Index was unchanged.


© Copyright 2014 Bloomberg News. All rights reserved.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Special Military Team to Give Medical Support for Ebola in US

Monday, 20 Oct 2014 13:30 PM

The Pentagon has ordered a 30-person military medical team to be on standby to support civilian health professionals in  . . .

INTEL: Freelance Rebels Hitting ISIS Unlikely to Change Ground War

Monday, 20 Oct 2014 13:04 PM

Ragtag rebels fighting independently of each other with hit-and-run tactics are harassing the Islamic State of Iraq and  . . .

CNN's King: Conservative Anger Over Immigration Plans Mounting

Monday, 20 Oct 2014 13:01 PM

No matter which way the election goes, anger among conservative grass-roots voters will ensure that the struggle over am . . .

Most Commented

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved