Investors Sell Off Israeli Securities

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Foreigners sold a net $1.2 billion in Israeli stocks and bonds in October, more than double the previous month's level of $535 million, according to preliminary Bank of Israel figures. About $1.1 billion of the sales were equities traded on the Tel Aviv Stock Exchange, compared with $595 million in September, with the rest coming from the sale of TASE-listed bonds and Israeli securities traded overseas, the Jerusalem-based central bank said in a statement today. Overseas investors made direct investments of $444 million in the month, down from $929 million in September, it said.

About $600 million of the equities sales were in chemicals companies and another $200 million in banks, extending a sell-off of the shares in September, the Bank of Israel said. Foreigners were net sellers of $263 million in bonds, after buying a net $84 million the month before, it said.

The Tel Aviv Stock Exchange's benchmark TA-25 index fell 18 percent in October, bringing its decline in the first 10 months to 40%. Israel Chemicals Ltd., the country's biggest chemicals maker by market value, lost almost a third of its value. The TASE's banking index dropped 22% in October.

Foreign Investment Foreigners were net sellers of $1.5 billion of Israeli securities in the first 10 months of the year, after buying $2.16 billion in 2007, preliminary figures from the central bank showed. Direct foreign investment in October was led by a $55 million investment in an unnamed medical company, it said. FDI reached a preliminary $6 billion in the first 10 months, figures showed.

Israelis were net buyers of $1.22 billion in foreign securities in the October, after selling a net $704 million the month before, the central bank said. In October, Koor Industries Ltd., a holding company controlled by Nochi Dankner, bought $1.1 billion in Credit Suisse Group, Switzerland's second-largest bank, as part of the lender's recapitalization. Direct investment overseas by Israelis reached $239 million in the month, down from $465 million in September, it said.

Feroz Ahmed Bawany goal is to increase my knowledge and to understand the only civilized creations of Almighty Lord are HUMAN. He is a regular contributer to TRCB.com.

 

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