European losses, weekend terror send TASE down 1.4% at Monday mid-day

Makhteshim Agan's 6-year notes edging up in frantic trade
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Terror at home and losses in European markets are exacerbating slight morning losses.

After starting on a drop of 0.3%, blue-chip indices quickly slid to a mid-day low of 1.4% as fears rise that the 15-month fighting in the region may escalate further.

The Maof-25 index of blue chips has fallen below 400 points and the TA-100 index is off 1.1% to 384.3 points. Tech stocks are down 1%. Total turnover is thin at NIS 80 million.

Makhteshim Agan's 6-year notes are at the center of attention, edging up 0.2% on the session's biggest turnover, NIS 9.8 million. Trade in the notes commenced on Sunday.

Makhteshim Agan options, to be redeemed within five years, are up 3.5% on NIS 2 million volume of trade. The gains are attributed to the low exercise premium of the notes and options. Makhteshim Agan shares are dropping 0.6% on NIS 4.3 million turnover.

Koor Industries (NYSE:KOR) is down 2.9% after opening with 1.1% gains. Koor closed down yesterday despite reports that the Ofer and Dovrat families are to become strategic investors in its affiliate ECI Telecom (Nasdaq:ECIL).

Bank Hapoalim is down 1.4%. Investment house Nessuah Zannex rated it a Buy, and set a price target of NIS 10.78, 27% above the market. Analyst Ronit Goodman said that as of today there is no concern about the bank's stability. But concerns may arise if the economic situation doesn't pick up within two years, she wrote.

The First International Bank of Israel is dropping 1.8%. Investment house Gmul Sahar rated it a Hold and set a price target of NIS 25.2, 10% above the market. Gmul Sahar notes that the bank has not yet received the approval of the Supervisor of Banks to avoid special provisions totaling NIS 88 million for the fourth quarter.

Teva Pharmaceuticals (Nasdaq:TEVA) is off 0.5%, Nice Systems (Nasdaq:NICE) is down 1%, Formula Systems (Nasdaq:FORTY) is dropping 2%, and Retalix (Nasdaq:RTLX) is off 0.5%.

Bank Leumi is off 2.4%, and Mizrahi Bank and Bank Discount are each down 0.2%.

IDB Holding Corporations is down 1.5%, IDB Developments corporations is off 2.4%, Discount Investments is dropping 1.3%, and Clal Industries is down 2.6%.