Israeli Stock Index Tumbles Most Since 2008

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Johnny Oxygen
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Israeli Stock Index Tumbles Most Since 2008

http://www.bloomberg.com/news/2011-08-07/israeli-stocks-tumble-most-sinc...

 

Israel’s benchmark stock index plunged the most in almost 11 years after Standard & Poor’slowered the U.S. credit rating and amid concern the widening sovereign debt crisis in Europe will stall global growth.

Israel Discount Bank Ltd. (DSCT), the country’s third-largest lender, skidded 10 percent. Nice Systems Ltd. (NICE) slumped the most since November 2008. All 25 shares in the TA-25 Index tumbled, pushing the gauge down 7 percent, the biggest decline since October 2000, to 1,074.27 at the 4:30 p.m. close in Tel Aviv. The index is near the so-called bear-market territory after retreating 19.9 percent from a record high of 1,341.89 on April 21.

“It could be a turbulent market in the next few weeks,”said Ron Eichel, chief economist and strategist at Meitav Investment House Ltd. in Tel Aviv. “If there’s a storm globally, it’s going to affect Israel, which has very large exports to the U.S. and the eurozone.”

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