Morning terror attack, budget deficit, pushing TASE down 1.5% Wednesday mid-day - TheStreet

Morning terror attack, budget deficit, pushing TASE down 1.5% Wednesday mid-day

Most dual-listed shares sink, but Tower Semiconductors gains 0.7% on $2m investment in Fab 2, IMEC agreement
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Tel Aviv stocks are dropping over 1.5% at mid-day on Wednesday. The drops are attributed to the terror attack on an Israeli army outpost near Gaza early this morning in which four Israeli soldiers were killed, as well as the two Palestinian terrorists.

The negative mood is also related to reports that the deficit in 2001 came to 4.6% of gross domestic product, a marked deviation from the 1.7% deficit target.

The Maof-25 index of blue chips is off 1.5% to 467.7 points and the TA-100 index is down 1.8% to 452.6 points. Technology shares are dropping 2.4%. total turnover is low at NIS 121 million.

Teva Pharmaceuticals (Nasdaq:TEVA) is down 2.5% on the session's largest turnover, NIS 38.4 million. Teva opened with a negative arbitrage gap of 0.9%.

Tower Semiconductor (Nasdaq:TSEM) is up 0.7%. The company has announced that it has received $2 million from a new investor. The money is designed for its Fab 2. In return, the investor is to be allocated about 333,000 shares at $6 per share, 25% below the market.

In addition, Tower announced an agreement with IMEC for the transfer of technology and licensing of analog modules and technologies for its Fab 2. Tower said that the agreement will expedite the development of analog and mixed-signal technologies. IMEC is a major European research center for the development and licensing of microelectronics, and information and communications technologies.

Koor Industries (NYSE:KOR) is dropping 3.1%. Its agrochemicals subsidiary Makhteshim Again is off 1.4%.

Nice Systems (Nasdaq:NICE) is off 3.5%, Formula Systems (Nasdaq:FORTY) is off 2.4%, Partner Communications (Nasdaq, TASE:PTNR, LSE:PCCD) is dropping 3.1%, Elbit Systems (Nasdaq:ESLT) is down 0.7%.

Bank Hapoalim is dropping 1.8% and Bank Leumi are each slipping 1.4%.

IDB group stocks are losing ground. IDB Holding Corporation is off 0.7%, IDB Development Corporation is down 1.1%, Discount Investments is off 0.1%, after rising 1% earlier. Clal Industries is down 1.7%

Phone company Bezeq is dropping 1.5%. Israel Chemicals is down 1%.

The participation units of oil exploration partnership Isramco are gaining 2%.

Walla is dropping 8.3% on NIS 653,000 turnover. Walla has gained an aggregate 75% as of the beginning of January.