Bloomberg News

Israel Stocks: Clal Biotechnology, Israel Chemicals, Mellanox

February 26, 2012

Israel’s TA-25 index slid to its lowest intraday level since Dec. 29, retreating 1 percent to 1,086.75 at 2:13 p.m. in Tel Aviv.

The following stocks rose or fell today. Symbols are in parentheses.

Clal Biotechnology Industries Ltd. (CBI) dropped 4.9 percent to 12.80 shekels, the lowest intraday level since November 2009. The investor in biotechnology companies said full-year net income fell to 87.3 million shekels ($23 million) from 351 million shekels in 2010.

IDB Holding Corp. (IDBH) declined 8.7 percent to 32.59, the lowest intraday level since January 1995. The shares have declined 16 percent, since a government committee called for holding companies to limit their pyramid structures, raising speculation they may need to sell assets. The holding company last week also sold shares.

Israel Chemicals Ltd. (ICL) , which extracts minerals from the Dead Sea to make fertilizer and potash, declined the most since Dec. 29, dropping 3.3 percent to 41.40 shekels. The stock jumped 9.7 percent last week, the most since the week ended July 30. “It seems to be profit taking after a strong rally of the share most of last week,” said Steven Shein, a trader at Psagot Investment House Ltd. in Tel Aviv.

Mellanox Technologies Ltd. (MLNX) (MLNX IT ) gained 2.6 percent to 144.30 shekels, or the equivalent of $38.25, headed for the highest close in Tel Aviv since Bloomberg started tracking the stock in July 2007. The U.S. traded shares of the adapter maker closed up 2.1 percent at $38.76 in New York on Feb. 24.

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


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