With bond yields at 12%, who needs stocks: Israeli stocks sink 2%
Tel Aviv stocks ended down 2% Sunday with losses almost across the board, in the wake of Wall Street's soggy performance late last week.
America's woes and the beating of regional war drums aside, there just isn't much enthusiasm for stocks anyway. "With bonds yielding 12%, who needs stocks?" said one market player. The yield on fixed-interest shekel denominated Shahar bonds has climbed above 12%. But Roy Laufer of Nessuah Zannex points out that the drop in Shahar bonds comes one day before a treasury offering of NIS 300 million worth of series 2670 bonds.
The Nasdaq tumbled 4% to end the week at a low of 1,139 points and the Dow rumbled south by another 3%, to 7,500 points.
In Tel Aviv, spooked investors sent the Maof-25 index gradually spiraling down 1.8% to 333.9 points, while the Tel Aviv-100 index fell 2% to 325.1 points and technology stocks retreated by 3.1%, weighed down by dual-listed shares. These were some of the steepest losses in weeks, as Israeli stocks had remained relatively resilient to the turbulence shaking world markets.The total volume of trade was razor-thin at NIS 135 million, attesting to the lack of interest in stocks. Drugmaker
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