Tel Aviv stocks are down 2.3% at Thursday mid-day, after dropping 1.2% at opening. The negative mood is attributed to continued fighting in the region. Yesterday evening, a Palestinian terrorist killed three Israelis in the Hamra settlement between Jericho and Beit She'an in the Jordan Valley. The 1.4% drops on Nasdaq aren't helping either.
The Maof-25 blue chip index is off 2.3% to 445.2 points and the TA-100 index is down 1.9% to 428.4 points. Technology shares are dropping 2.5%. Total turnover is low at NIS 71 million.
Teva Pharmaceuticals (Nasdaq:TEVA) is off 0.3% on the session's biggest turnover, NIS 8.4 million. Investment bank Nessuah Zannex today rated Teva a Buy. Analyst Haim Israel reiterated the $79 price target, 30% above the market.
Nice Systems (Nasdaq:NICE) is off 1.2% despite improved results for the fourth quarter. In addition, investment house Salomon Smith Barney rated Nice an Outperform, setting $18 price target, and Lehman Brothers rated Nice a Buy, setting a price target of $19, 27% above the market.
The Israel Corporation is down 6% on NIS 447,000 turnover following reports that the Antitrust Authority is examining the oil distribution activity of Oil Refineries, where the Israel Corp. owns 26%.
Electra Consumer Products is off 5% after announcing it will book a provision of $2.9 million in the fourth quarter due to the devaluation of the Argentinean currency.
Dual-listed shares are posting sharp losses after opening with big negative arbitrage spreads. Metalink (Nasdaq:MTLK) is falling 3.4% after opening with a huge negative arbitrage spread of 10.9%. Tower Semiconductor (Nasdaq:TSEM) is down 2.7%, and Alvarion (Nasdaq:ALVR) is off 7%, after yesterday dropping 9.1%. The company on Wednesday released its 2001 results. Koor Industries (NYSE:KOR) is off 2.4%.
Bank Leumi is down 1.7% and Bank Hapoalim is off 1% on NIS 8.5 million volume of trade.
IDB group members are posting drops of 3% on average. IDB Holding Corporation is off 3.3%, IDB Development Corporation is down 2.5%, and Discount Investments is down 2.9%. Clal Industries is dropping 3%.
Israel Chemicals is down 2.4%.
Clal Insurance is down 2.6% and Migdal Insurance is off 2%.