Tel Aviv stocks slithered south on tiny turnover, due to a combination of summer sloth and Wall Street woes.

The indices ended a lethargic Wednesday session with mild losses on thin turnover of NIS 137 million, after Wall Street slipped on the Fed decision not to reduce lending rates. Israel's investors lounged at the beach and little moved on the market except for Teva, in which trade rocked along much as usual.

Yesterday Federal Reserve chairman Alan Greenspan saddened Wall Street by leaving the rates intact, a decision that shores up the shekel, but led to a dip as the Dow Jones fell 2.4% and the Nasdaq retreated by 2.9%.

Israeli stocks listed on Wall Street generally dropped yesterday, leading the 20-odd dual-listed among them to start the session with negative arbitrage gaps.

The Maof-25 index ended down 0.2% and the Tel Aviv-100 index dropped 0.3%. Tech stocks fell by 0.6%.

Teva Pharmaceuticals (Nasdaq:TEVA) bucked the negative trend and ended up 0.9% on almost half the total turnover NIS 66 million. Yesterday the Israeli drugmaker gained 0.9% yesterday on Nasdaq, on irregular turnover of $115 million.

Clal Insurance lost 2.5% yesterday but reversed to gain 2.3% today on respectable turnover of NIS 2.7 million. The company reported that its second-quarter earnings dived 40% from the parallel quarter to NIS 41.9 million. Revenues slid 17% to NIS 100.2 million. Leader & Co analyst Yuval Ben Zeev called the report "not bad" it was better than the report for the first quarter, even though the market conditions were tougher.

Arch-rival Migdal Insurance waned by 0.5%.

Bank Tefahot, a member of the Bank Mizrahi group, yesterday reported that its profits eroded by 35% to NIS 38 million in the second quarter, and revenues retreated by 25% from the parallel to NIS 86 million. It lost 1% on wee turnover of NIS 1.6 million. Parent Mizrahi fell 0.7%.

Clal Industries lost 0.6% on thin turnover.

Makhteshim Agan reported good results for the second quarter despite woes in South America, although the company is reducing its activity there and wooing business in Europe and North America. Its stock gained 3.2% today on turnover of NIS 3.8 million.

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