Bloomberg News

Israeli Stocks to Record Slower Growth Next Year, Pitaro Says

December 31, 2007

Israel's benchmark index of stocks will probably post a smaller gain in 2008 than previous years, said the head of investments at Prisma Capital Markets Ltd.

``The yield of the TA-25 Index will be positive, but I'm not sure that we'll see the same performance as in past years,'' said Yaron Pitaro at a conference in Ramat Gan, Israel.

The benchmark TA-25 stock index has almost quadrupled in the last five years, as the economy marks its fifth year of expansion. The benchmark is headed for a 32 percent rise this year. In the short term the U.S. subprime-mortgage crisis will crimp appetite for emerging market assets, Pitaro said.

Investors should turn to the banking and real-estate sectors in 2008 because of the shares' low prices, Prisma's head of research Uri Waisbord said at the same conference.

To contact the reporter on this story: Tal Barak in Tel Aviv at tbarak@bloomberg.net.

To contact the editor responsible for this story: Daniel Hauck at dhauck1@bloomberg.net.


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