Tel Aviv stocks cutting opening losses Tuesday

Retailers sinking as Tel Aviv stocks slump Tuesday morning The retail chains are sinking on poor second-quarter reports as Tel Aviv stocks slip on dull trade Tuesday morning. Traders blame the blah on Wall Street's falls Monday, with the Nasdaq and Dow Jones both losing about 3% on general recession blues.

Tel Aviv stocks however have cut opening losses and are trading with a negative bias. The Maof-25 index is down 0.2% to 360.8 points and the Tel Aviv-100 index is losing 0.3% to 349.9 points. The TelTech-15 index is sagging by 0.9% to 186.3 points. The total volume of trade is a pitiful NIS 27 million.

The Supersol retail chain is down another 0.7% after retreating by 6.7% yesterday on heavy turnover. The chain yesterday reported a 48% slide in net profit against the parallel quarter to NIS 28 million. Its cash flow was negative NIS 20 million, and sales eroded 3% from the corresponding quarter of last year to NIS 1.67 billion. The retailer blamed the recession, and the fact that Passover was in the first quarter this year.

Discount Investment Corporation, which has a controlling stake in Supersol, fell by 1.6%. Rival retailer Blue Square is down 1.6%: not sympathy pains, but lively expectations of a poor second-quarter statement to come.

Teva Pharmaceuticals (Nasdaq:TEVA) is edging down by 0.2% on about a third of the total turnover. The Israeli drugmaker has been losing ground on profit-taking after the surge following its second quarter results.

Elbit Systems (Nasdaq:ESLT) is rising 1.1% ahead of its financial statements, due tomorrow.

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