Tel Aviv stocks are down 0.7% Tuesday morning after Nasdaq and Dow Jones ended Monday with some 2% drops. The Maof-25 blue chip index is off 0.7% to 388.1 points, and the TA-100 index is slipping 0.5% to 374.2 points. Technology shares are dropping 1.5%. Total turnover is a tiny NIS 15 million.
The mood is far from bright, as marked by persistently weak turnover. On Monday total turnover came to just NIS 143 million.
Drug giant Teva Pharmaceuticals (Nasdaq:TEVA) is rising 2.2% on 2.3% positive arbitrage spread and the session's biggest turnover, NIS 10 million. A hearing is scheduled this week on Akzo Nobel's claim against Teva's anti-depression drug Mirtazapine, the generic version of Akzo Nobel's Remeron. Analysts estimate the U.S. court will allow Teva to market Mirtazapine. Original-drug sales are estimated at $500 million.
Koor Industries (NYSE:KOR) is off 1.7% and Clal Industries is down 0.3%, both in downward correction after ending up on Monday. Affiliate ECI Telecom (Nasdaq:ECIL) yesterday posted $194.7 million revenue for Q1, close to projections. Loss came to $52.1 million, among other things due to a $53 million write off in subsidiary InnoWave. The results are generally not as bad as had initially been expected. ECI climbed 4% on Nasdaq on Monday, after leaping 15% earlier in the session.
Bank Discount is down 1.4%. Supervisor of Banks Yitzhak Tal yesterday said the bank is nearing the limit of its credit capacity, and that by the end of the year the bank will be required to cut its loan plan in order to the meet minimum capital ratio requirements.
Bank Hapoalim is down 1%, Bank Leumi is slipping 0.5%.