Nasdaq losses pulling Tel Aviv stocks down 1.4% at Tuesday opening

Tel Aviv stocks are down 1.4% at Tuesday opening, after the sharp losses posted on Wall Street Monday, when the Dow Jones dropped 2.2% and Nasdaq fell 2.9%.

The Maof-25 blue chip index is off 1.4% to 453.7 points, and the TA-100 is down 1.1%. Technology shares are dropping 1.6%. Total turnover is low at NIS 7 million.

Bank Hapoalim is down 1.9%. Today Ha'aretz reported that in Q1 the bank may make a provision worth tens of millions of shekels. This is because the bank has exceeded the credit limit granted to the controlling shareholders. The supervisor of banks instructed the banks to decrease the liabilities of people related to the control in the banks by the end of February. Bank Hapoalim was instructed to reduce the debt by NIS 1.6 billion.

Clal Insurance is off 2.1% and Migdal Insurance is down 1.4%. International rating company Standard & Poor's estimates that the decision passed by several international re-insurers to stop underwriting Israeli insurance companies in respect of compulsory insurance risks, could expose Israeli insurers to big losses in the future, should there be irregular occurrences in the region. S&P estimates that the local insurance companies do not face repayment difficulties in the short term.

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