Tel Aviv stocks are losing ground at mid-day on Wednesday on paper-thin turnover.
Depressed investors are barely budging, partly because of fear of fallout from Cisco's report, and partly because the local situation refuses to improve. The mauled bodies of two teenagers who yesterday went missing from the settlement town of Tekoa were found. One Israeli was killed and several Palestinians were injured in another day of violence in the territories yesterday. Several fresh incidents of violence have been reported this morning. Traders fear that the security situation could further escalate.
It isn't helping that share prices are dropping in Europe.
The Maof-25 index is down 1.61% to 424.29 points and the TA-100 index is losing 1.45% to 416.20 points. Tech stocks are down by a sharper 2.45%.
Phone company Bezeq is off 1.8% on hefty turnover of NIS 9.2 million.
The banks are weak, with Hapoalim losing 0.3% on NIS 6.5 million. Leumi is dropping 1.1% and Bank Discount is off 3.2%.
The IDB group is slipping hard. Discount Investments is down by 2.7% and Clal Industries is losing 2.8%. IDB Development is traded at a loss of 2.2%. IDB Holding trades unchanged.
Trade in Makhteshim Agan is temporarily suspended after the company released its report for the first quarter of 2001.
Teva Pharmaceuticals (Nasdaq:TEVA) is rising against the trend. It's up 0.8% on turnover of NIS 7.2 million, after starting on a positive arbitrage gap of 1.3%.
Koor Industries (NYSE:KOR) is sliding 2.4%, Elron Electronic Industries (Nasdaq:ELRN) is falling 4%, and Formula Systems (Nasdaq:FORTY) is down 3.3%. Elbit (Nasdaq:ELBTF) is dropping by 3.4% after publishing a weak first-quarter report. The company lost a net $2.4 million in the first quarter of 2001, after netting a positive $16 million in the comparable quarter of 1999. But then, at the time it enjoyed a nice gain from selling Peach Networks to Microsoft (Nasdaq:MSFT).