Bloomberg News

Ampal-American Drops Most in 7 Weeks on Bets Gains Are Overdone

October 31, 2011

(Updates with analyst comment in third paragraph.)

Oct. 31 (Bloomberg) -- Ampal-American Israel Corp., the owner of a stake in a company that exports Egyptian gas to Israel, retreated the most in seven weeks on investor speculation that gains this month were overdone.

The shares declined 5.6 percent, the most since Sept. 12, to 1.813 shekels at the 4:30 p.m. close in Tel Aviv, trimming the October advance to 56 percent.

“After the rise in the shares this month, it appears that some investors are exploiting the current share price to pull back,” Guil Bashan, an analyst at I.B.I.-Israel Brokerage & Investments Ltd. in Tel Aviv said.

Ampal shares have still plunged 78 percent this year amid a series of attacks on the Sinai pipeline system that carries natural gas from Egypt causing supply disruptions. Ampal owns 12.5 percent of East Mediterranean Gas Co., which exports Egyptian gas to Israel.

--Editors: Susan Lerner, Claudia Maedler

To contact the reporter on this story: Shoshanna Solomon in Tel Aviv at ssolomon22@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net


Hollywood Goes YouTube
LIMITED-TIME OFFER SUBSCRIBE NOW

(enter your email)
(enter up to 5 email addresses, separated by commas)

Max 250 characters

 
blog comments powered by Disqus