The Tel Aviv Stock Exchange ended trading on Monday down more than 2% on a moderate turnover of NIS 288 million.
The session began with a negative trend that intensified towards noon, fall-offs in the leading indices were also noted. This deterioration was driven by the weakening of European markets, and by negative Nasdaq contracts. By three in the afternoon the Maof-25 index was down 2.3%, crossing below the 470 point support line, reaching 467 points. As trade continued, the index bounced back a little, closing down 2.07% at 468.13 points.
The TA-100 index also finished 1.7% off at 457.94 points, and the Tel-Tech index finished down 1.2%.
Teva Pharmaceuticals, which yesterday plunged 7.9%, ended down 1.4% on a NIS 51 million turnover the biggest of the day.
Analysts from Infinity investment house yesterday wrote that Teva's recent market dive, which brought it to a support level of NIS 225, still does not amount to a Buy opportunity. Infinity's analysts point out that Teva's stock is in obvious decline. If its support level at NIS 220 is breached, its next support level is set at NIS 190. Infinity predicts that buying the stock at NIS 190 will be a much more interesting proposition.
(Nasdaq:FORTY) lost 2.4%, and Koor Industries (NYSE:KOR) shed 1.7%.
(Nasdaq:ELRNF) closed off 3.4%, while Nice Systems (Nasdaq:NICE) gained 4.8% on high turnover of NIS 19 million.
(Nasdaq:TSEM) gained 3.2%. Yesterday the shares gained 2.3% on the company's announcement that it had completed a $1.1 billion round of financing, intended to be invested in its new plant in Migdal Ha'emek. The company said it is going to receive $550 million in credit from Bank Leumi and Bank Hapoalim.
Leading bank shares posted sharp losses today. Bank Hapoalim lost 2.6% on NIS 21 million turnover and Bank Leumi shed 1.8% on NIS 22 million turnover.
National phone company
dropped 2.1% on a NIS 40 million turnover. Yesterday the company announced that it plans to give to investors bonus stock at a ratio of two shares per each existing share. The move is aimed at preventing investors - who are to assume control in the company in the future - from distributing significant dividends from the company's earnings.