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Tel Aviv stocks down 2.7% at Sunday opening

Investors anticipate sharp losses on Wall Street when trade resumes on Monday

Tel Aviv stocks are down 2.7% at Sunday opening after European stocks took a beating on Friday. Israeli investors also fear a steep dive in stock prices when Wall Street resumes trade on Monday.

The Maof-25 index of blue chips is off 2.7% to 381.6 points, and the TA-100 index is down 2.6% to 371.0 points. Technology shares are skidding 3.5%. Total turnover is low at NIS 12 million.

Teva Pharmaceuticals (Nasdaq:TEVA) is losing 3.2% on the session?s biggest turnover, NIS 4.4 million.

Insurance stocks are still taking a drubbing after the disasters to hit the U.S. last week, even though the Israeli companies are not directly implicated. Clal Insurance is down 2.9% on turnover of NIS 1 million, and Migdal Insurance is losing 3.7%.

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Bank shares are in the red. Bank Leumi is dropping 2.4% on NIS 750,000 volume of trade, and both Bank Hapoalim and Mizrahi are losing 2.6%. The First International Bank of Israel is down 3%.

IDB group stocks are down, with IDB Development Corporation losing 2.9%, IDB Holding Corporation falling 3.1%, Discount Investments off 4%, and Clal Industries down 3.7%.