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TASE sliding Sunday a.m. on political tensions, lousy Wall St weekend

Most dual-listed shares are opening with negative arbitrage, but Magal and Nice both have positive gaps

Leading TASE indices are down 1.2% on average on NIS 10 million turnover Sunday morning. The TASE mirrors Wall Street, where on Thursday and Friday the Nasdaq dipped 0.7% while the Dow rose 0.6%.

The Maof-25 is down 1.35%, the TA-100 is dipping 1.05% and the Tel Tech is shedding 0.6%, the slashes also due to political escalations since the weekend attack in Hadera and the army's retaliation.

Most Israeli shares on the Nasdaq closed on the decline Friday, which is evident in this morning's arbitrage gaps.

Teva Pharmaceuticals (Nasdaq:TEVA), having closed on the Nasdaq with a negative 1.3% arbitrage gap, is dropping 0.5% on NIS 2.5 million turnover, the highest on the floor. The company Thursday announced tentative approval for the manufacture and distribution of 50 mg Tramadole Hydrochloride, the generic version of RW Johnson's Ultram. Sales of Ultram in the last four quarters totaled $628 million.

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Partner Communications (Nasdaq:PTNR) is opening with a 3.4% negative arbitrage gap, and Elron Electronic Systems (Nasdaq:ELRN) starts the day with a 2.9% gap.

Magal Systems (Nasdaq:MAGS) on the other hand is opening with a positive arbitrage gap of 4.9%, and Nice Systems may also fare better with its 2.4% positive opening gap.

Insurance shares are sliding this morning. Migdal Insurance is shedding 2.35 and Clal Insurance is sinking an even deeper 2.6%.