Tel Aviv stocks cutting losses to 0.7% Tuesday afternoon

Tel Aviv stocks are cutting morning losses to 0.7% at Tuesday afternoon. The session opened with 1.5% drops after on Monday the Dow Jones dropped 2.2% and Nasdaq fell 2.9%.

Market players associate the moderated drops with relatively optimistic Nasdaq futures.

The Maof-25 blue chip index is off 0.7% to 456.9 points, and the TA-100 is down 0.9%. Technology shares are dropping 2%. Total turnover is slim at NIS 75 million.

Teva Pharmaceuticals (Nasdaq:TEVA) is down 0.6% on the session's biggest turnover NIS 11 million. Teva opened with 1.2% negative arbitrage spread. Yesterday, it was reported that Britain's Department of Health is considering to provide multiple sclerosis patients with drugs based on beta interferon or glatiramer acetate, as part of a study to determine the long-term cost effectiveness of these drugs. The state is expected to allocate $71 million annually for the study.

Bank Hapoalim is down 1.1% on NIS 3.5 million turnover. 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 0.6% and Migdal Insurance is down 0.5%. International rating company Standard & Poor's estimates that the decision passed by several international re-insurers to stop underwriting Israeli 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.

Retalix (Nasdaq:RTLX) is off 2.3%, Electronic Industries (Nasdaq:ELRN) is down 1.8%, Metalink (Nasdaq:MTLK) is dropping 3.7%.

Partner Communications (Nasdaq, TASE:PTNR, LSE:PCCD) is rising 1.5% despite opening with 1.2% negative arbitrage spread.

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