Shares in natural-gas and oil exploration companies on the Tel Aviv Stock Exchange plummeted, Monday morning, following the announcement, made after the close of the exchange on Sunday, that the Shemen Oil & Gas company's Yam (Sea) 3 rig - in which 175 million dollars had been invested - was dry, according to the Globes business publication. The stock lost more than 91 percent of its value in a little more than an hour of trading. A related stock was down more than 42 percent and the oil and natural-gas index was down 6.47 percent at 1,206.48. On the other hand the Bazan refinery stock rose more than two percent following word of staff cuts.
Most of the indices showed modest gains. The TA Composite Index stood at 1,167.73, up .04 percent, while the TA 100 rose .21 percent to 1,162.82, inclouding a .34-percent gain to 1,289.47 for the TA 25 most-widely-invested issues. The stocks outside the TA 100 fell 2.64 percent to 1,085.38.
Leading the gainers was the communications index, which climbed 1.03 percent to 793.36. The bank issues stood at 1,243.21, up .69 percent, as the financial institutions advanced .59 percent to 1,219.74, including a gain of .07 percent to 1,488.99 by the insurance stocks. Most of the technology index stood at 331.98, up .28 percent, while the biomed issues slipped .03 percent to 1,043.76, and the real-estate stocks stood at 366.88, up .24 percent.