Losses are gaining momentum among Tel Aviv stocks at Sunday mid-afternoon on rising fears that Wall Street stocks will tumble on Monday when trade resumes.
The session started with hefty losses, triggered by European stocks crumbling on Friday.
Investors are also apparently "cleaning out" their portfolios ahead of the Jewish New Year, which falls on Monday. The Tel Aviv Stock Exchange will be closed between September 17 to September 19, and reopen Thursday.
The Maof-25 index is off 4.6% to 374.1 points and the TA-100 index is down 4.1% to 365.4 points. Tech stocks are down 5%. Total turnover is hefty at NIS 320 million.
Dual-listed stocks are tumbling, with Teva Pharmaceuticals (Nasdaq:TEVA) losing 4.1% on NIS 39 million turnover, Nice Systems (Nasdaq:NICE) down 4.6%, Scitex Corporation (Nasdaq:SCIX) falling 6.6%, Retalix (Nasdaq:RTLX) losing 7% and Koor Industries (Nasdaq:KOR) down 8.3%.
Magal Security (Nasdaq:MAGS) is correcting downward 7.5% after leaping 58% over two days after the terror attacks in the U.S.
Dor Energy is up 16% after energy company Alon announced a tender offer at NIS 22 per share, 18% above Dor Energy's opening price today.
Delta Galil Industries (Nasdaq:DELT) is down 4.2%. Investment house Menorah Gaon today rated Delta a Buy and set a price target of NIS 51.3. 33% above the market.
Real-estate company Al-Rov is diving 10.1% on exceptional turnover of NIS 3.6 million, after some 130,000 share, 1% of the company's equity, changed hands in a single deal.
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 4% on turnover of NIS 1.9 million, and Migdal Insurance is losing 4.1%. It is believed that insurance companies will now have to significantly pay higher premiums to reinsurance companies.
Bank shares are in the red. Bank Leumi is dropping 1.1% on hefty turnover of NIS 17 million, Bank Hapoalim is down 2.8%, and Mizrahi Bank is off 2.3%. Bank Discount is losing 2%, and the First International Bank of Israel is dropping 2.3%.
IDB group stocks are sharply down, with both IDB Development Corporation and IDB Holding Corporation falling 3.9%, Discount Investments losing 5.2%, and Clal Industries down 5.8%.