Tel Aviv stocks are losing ground at Monday mid-day, on the thin turnover that has characterized the market lately. Total turnover is only NIS 80 million, as investors sit out the economic upheavals being planned by government.
The Maof-25 index is down 0.8% to 368 points and the Tel Aviv-100 index is losing 0.5% to 361 points. Tech stocks are down 0.5%.
Generally, the capital market approves of the extra NIS 2.5 billion budget cut the government is planning, even though it isn't a genuine cut it is more of a re-prioritization. However, investors have had enough of vague promises, and are waiting for implementation before making major moves.
Shahar bonds are rising, correcting some of their losses in recent days. Nine-year Shahar 2680 series bonds are rising by 0.3%, reflecting returns of 10.17%. Medium-term Shahar bonds are also rising, albeit more moderately.
Dollar-linked Gilboa bonds are losing ground at a pace of 0.4% to 0.6%, as the dollar sags in the Israeli market.
Teva Pharmaceuticals (Nasdaq:TEVA) is inching down by 0.2% despite assessments that it will be receiving FDA approval for Tremadol - a new analgesic for aged people suffering from lower back and joint pain.
Chemicals company Agis is rising 1.2% on news that it is about to acquire a company in India. It is also expected to sell Teva the raw materials to make Tremadol.