Tel Aviv stocks opened with mild losses this morning, falling 2.5% on a low volume of NIS 20 million. Clal Israel (TASE:CLAL) shares are losing ground, after the company issued a profit warning. After Thursday's lull in the spiraling market descent, leading Israeli indices have resumed their fall. Shares are trading lower, following an 8% decline in Nasdaq over the weekend, which pulled Israeli shares on Nasdaq downwards and opened nasty looking arbitrage gaps.

The Maof 25 blue chip index has opened 2.3% lower to 4.75 points. The TA-100 has lost 2.16% to 460.1 points.

Teva (Nasdaq:TEVA) shares are leading the trade volume this morning with over NIS 7.5 million shares traded, loosing 6.3% over a 7% negative arbitrage spread created on Nasdaq over the weekend. Nice shares (Nasdaq: NICE) continue last week's free fall, and are now dropping an additional 5.2% on NIS 1 million. This completes a 70% reduction of its market cap since the company issued a profit warning Clal Industries shares are also in a slump dropping 4.1%, Clal Electronics is down 5%, following a profit warning it released this morning before trading opened. After Thursday's newspaper report in

Maariv

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about an expected loss, Clal today told investors that the sharp decline in value of companies held by Clal such as Orckit, and Vocal Tech, a vast gap of NIS 220 million had opened between the book holdings of Clal and the actual market cap of the companies.

Clal intends to write off these losses in the forth quarter. Clal Industries, which holds 59% of Clal electronics, says it is going to write off NIS 65 million, over a negative difference in the book to the actual value ratio of holdings in BVR, BVR Technology and Nexus.