Tel Aviv stocks hovering below flatline on fears that ceasefire is collapsing - TheStreet

Tel Aviv stocks are hovering around the flatline at mid-day Tuesday as investors cling to the fence waiting for political developments. Total turnover is a paper-thin NIS 94 million on on fears that the ceasefire between Israelis and Palestinians is collapsing.

Nasdaq's drop on Monday below 2,000 points, a level of psychological if not practical significance, isn't helping matters any.

The Maof-25 index of blue chips is down 0.2% to 413.6 points, and the TA-100 index is down 0.2% to 403.8 points. Earlier losses were sharper.

Tech stocks are down 0.6%, although some investors had thought good results Oracle (Nasdaq:ORCL) released after the bell on Wall Street yesterday might lift the sector. (Well, it didn't.)

Teva Pharmaceuticals (Nasdaq:TEVA) is sliding 1.8% after gaining 25% in the last month. Again it's at the top of the most-traded list, with mid-day turnover of NIS 13 million.

Banking shares are lively. Mizrahi Bank is up 1.6% on high turnover.

Ha'aretz

today reported that Citibank representatives are looking at buying control of the bank, the fourth-biggest in the country.

Bank Hapoalim is off 0.5% and Bank Leumi is rising by 0.5%.

Formula Systems (Nasdaq:FORTY) today announced that it will be transforming Mashov Computers into its hi-tech investment arm, for which purpose Formula and members of its group will be shifting their assets to Mashov. Maybe investors weren't thrilled: Formula is off 1.3% after starting with a drop of 4% on high turover. Mashov, on the other hand, is up 1%.

IDB is in the red today. IDB Development Corp is down 0.8%, Discount Investments is losing 0.7%, Clal Industries is down 1% and IDB Holding Corp is rising 0.7% against the trend.