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The negative trend that characterized the Tel Aviv Stock Exchange on Monday continued on Tuesday, with shares closing down 2.2% on a thin turnover of NIS 185 million.

The grim mood on the exchange was attributed to the escalation in political unrest in Israel, and Nasdaq's fall of 3.11% on Monday.

The Maof-25 index of blue chips fell 2.33% to 376.07 points, and the TA-100 index lost 2.04% to 370.59 points. Technology shares shed 2.58%.

National telephone company Bezeq closed down 3.2% on a hefty turnover of NIS 20.3 million. The company has been suffering from a negative sentiment lately, as local police investigate businessman Gad Zeevi, who owns a 20% interest in Bezeq. Zeevi is suspected of having acquired his stake in Bezeq by using laundered Russian money from mobster Mikhail Chernoy. The probe has delayed Bezeq's move towards privatization, which has not endeared the company to investors.

Shares in the IDB group fell sharply. IDB Holdings dropped 5.2%, IDB Development lost 4.7%, Clal Industries shed 6%, and Discount Investments fell 4.6%.

But the big banks posted only mild losses. Bank Leumi closed down 0.1% on a turnover of NIS 20.1 million, and Hapoalim shed 0.2% on a NIS 12 million turnover.