The Maof 25 index in Tel Aviv closed down 1.4% on Tuesday, on a moderate turnover of NIS 275 million. The TA-100 index dropped 1.57% to 412.91 points, and the Tel-Tech index lost 2.78%.

The mood was grim following the Nasdaq's 6% plunge yesterday. In the morning, shares lost over 2% and blue chips fell 2.7%. The negative mood persisted up to midday, but towards 15:30 local time leading indices significantly recovered, boosted by Nasdaq futures that pointed to gains at the opening of Wall Street's session. But Wall Street opened up only 0.5%, aggravating losses in Tel Aviv towards closing.

Discount Investments fell 3.2% and Clal Investments shed 3.2%. IDB Development lost 3.4% and IDB Holdings closed down 1.2%.

Discount Investments owns a 4% interest in Gilat Satellite (Nasdaq:GILTF), which plummeted 56% on Nasdaq on Monday. On paper, Discount Investments lost NIS 16 million just on that investment alone.

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The big banks lost on heavy turnovers. Hapoalim shed 0.8% on a high turnover of NIS 28 million. Leumi fell 1.8% on a volume of NIS 22 million.

The participation units of oil exploration company Avner jumped 8.5% on a turnover of NIS 9.5 million, and Delek Drilling rose 5% on NIS 5.5 million. Yesterday, trade in the participation units of the two companies stopped after the Israel Electric Corporation announced that it is to acquire the bulk of its gas needs from the Tethys Sea group, in which Avner and Delek are partners.