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Israel Stocks: Israel Chemicals, Mellanox, Ratio Oil, El Al

Feb. 26 (Bloomberg) -- Israel’s TA-25 index slid to its lowest level since Dec. 12, retreating 2.3 percent to 1,072.80 at the 4:30 p.m. close in Tel Aviv. Investors traded about 1 billion shekels ($265 million) of shares and convertible securities, according to bourse data.

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

Clal Biotechnology Industries Ltd. (CBI IT) dropped 5.1 percent to 12.77 shekels, the lowest close since November 2009. The investor in biotechnology companies said full-year net income fell to 87.3 million shekels from 351 million shekels in 2010.

Globe Exploration LP (GLEX IT) tumbled 33 percent, the most on record, to 0.022 shekel. The oil and gas explorer said its Ofek 1 site was a “dry hole.” Ratio Oil Exploration 1992 LP (RATIL IT), the oil and gas explorer, dropped 6.9 percent to 0.322 shekel, the lowest since Dec. 28. Delek Drilling LP (DEDRL IT) declined 3.2 percent to 13.75 shekels. Avner Oil Exploration LLP (AVNRL IT) dropped 2.3 percent to 2.46 shekels.

El Al Israel Airlines Ltd. (ELAL IT) closed at its lowest level since Bloomberg began tracking the stock in June 2003, falling 4.9 percent to 0.524 shekel. El Al today said it “explores different cooperation possibilities” from “time to time” as it looks at ways to deal with challenges in the industry. The daily Haaretz reported the airline was mulling a cooperation, including a possible merger, with Arkia Israeli Airlines Ltd.

IDB Holding Corp. (IDBH IT) declined 10 percent to 32 shekels, the lowest level since January 1995. The shares have declined 17 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 IT), which extracts minerals from the Dead Sea to make fertilizer and potash, declined the most since Oct. 4, dropping 4.3 percent to 40.98 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 IT ) gained 1.8 percent to 143.20 shekels, or the equivalent of $37.95, the highest close in Tel Aviv since Feb. 16. 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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