Note: The following is a detailed report on the Tel Aviv market session today from our partners at TheMarker.com:

Stocks trading on the

Tel Aviv Stock Exchange

dived to close 8% down today on massive turnover of NIS 966 million.

The session began with relatively mild drops of about 2%. But when the news hit the floor at about 11:30 in the morning that Israeli soldiers had been lynched by a Palestinian mob in

Ramallah

, blue-chips immediately dived to a loss of more than 8%, leading the

TASE

to suspend trade in stocks and derivatives for 45 minutes. When trade resumed at 13:39, losses were slightly cut to about 7%. But they picked up again toward closing to end about 8% down.

It transpires that two Israeli soldiers were killed and two are in bad to hopeless condition. In midafternoon the Israeli Air Force bombed Palestinian headquarters in

Ramallah

and closed off the Palestinian territories, blocking movement between those areas and Israel. The Israel Defense Forces said that the attacks were a limited response to the deaths of the two soldiers. Earlier television news reports said that three soldiers had been murdered and one was in hopeless condition.

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The

Maof-25

index ended with a loss of 7.97% to 473.48 points. The

TA-100

index dropped by 7.53% to 469.11 points. The

Tel-Tech

lost a slightly sharper 8.4%.

Teva Pharmaceuticals

(TEVA) - Get Report

opened with a positive arbitrage gap of 1%, and wound up losing 3.7% on humungous turnover of NIS 105 million. Turnover in

Bezeq

, the national phone company, was also huge. Bezeq shares lost 7.3% after NIS 103 million had changed hands.

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