TASE Falls by 1.1% on Thursday

Tel Aviv Stock Exchange (TASE) fell by a 1.09% on Thursday to 1,230.88 points while the Tel Aviv-100 Index declined by 1.29% to 1,082.90.

The TechBlue 50 Index fell by 0.94% to 331.54 points. The decline is thought to be caused by the losses in the European markets. The Teva Pharmaceutical industries Ltd. fell by 3.5% after the strategic plan for it was published.

However, Teva's competitor, Perrigio company rose by 2.3% making the rise largest among the Tel Aviv shares. The Banking Index was also unable to avoid the trend of losses and fell by 1.5%. The loss in Banking Index was caused as a result of 3.1% drop in Bank Leumi and one percent drop in Bank Hapoalim.

Insurance Index fell down by three percent led by Menorah Mivtachim Holdings Ltd which fell by 3.6% and Harel Insurance Investments and Financial Services Ltd. which fell by 3.3%. Myra and Sarah licensees Israel Land Development Company Energy Ltd. fell by 8.8% while Modiin Energy LP fell by 6.3%.

Steven Tepper, the Harel Finance analyst said that he is hopeful about Teva and recommended it as a Buy with a price target of $47. "The presentation of the company's strategy, which stresses creating value together with a new and professional management team, is expected to arouse interest in the stock in the near term", he added.

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