Israel's TA-35, the main stock gauge in the country, fell as much as 2.2% before paring losses to trade down 0.68% Thursday afternoon in Tel Aviv, Bloomberg reported.
Pharmaceutical companies - including beleaguered Teva Pharmaceutical Industries Ltd (TEVA - Get Report) - weighed on the entire market. Concern that Prime Minister Benjamin Netanyahu could be forced from office by mounting legal trouble didn't help, either.
In the TA-35, 34 stocks fell with just one gaining, Perrigo Co. (PRGO - Get Report) . Thursday's losses mark the 11th straight day of declines for the index, rounding out its longest losing streak since 1994. The TA-35 is down 5.8% in August and 3.4% this week, putting it on pace to record its largest slump since April of last year.
Teva was the TA-35's worst performer, falling 3.6% in Tel Aviv to a 45% loss so far in August. The pharmaceutical company has increased asset sales and slashed its dividend as it struggles to maintain an investment grade credit rating.
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