Tel Aviv stocks are losing ground at mid-day on Monday after opening with drops of about 1%.
The Maof-25 index of blue chips is down 0.79% to 433.53 points and the TA-100 index is off 0.84% to 422.8 points. The Tel-Tech technology index is losing 2.04%. Total turnover is very thin at NIS 74 million.
Tamir Fishman portfolio manager David Levy says the Israeli market is touched with panic about events on Nasdaq. The low turnover attests to a general wait-and-see attitude, he said.
Teva Pharmaceuticals (Nasdaq:TEVA) is rising 1.9% on a volume of NIS 6.9 million. Yesterday Banc of America published a Strong Buy recommandation for Teva, based on expectations that sales of Copaxone, Teva's proprietary treatment for multiple sclerosis, will continue to grow.
The banks are mildly down on general assessments that the banking sector will suffer from the slowdown. This view was reinforced by a Lehman Brothers report from yesterday, predicting that slowing corporate results and the political situation will reduce banking financials. Bank Hapoalim is down 0.5%, Mizrahi Bank is losing 0.4% but Bank Leumi is rising 0.3% on NIS 9.1 million, the session's biggest turnover as of writing.
National phone company Bezeq is shedding 1.45% and Koor Industries (NYSE:KOR) is dropping 1.4%.
The negative sentiment continues among holdings companies. Discount Investments is losing 1.95% and IDB Holdings is down 1%. IDB Development is off 2.2% and Clal Industries is slipping 2.55%.
Israel Cold Storage & Supply is dropping 5.3% and the Tambour paints manufacturer is off 2.4%, both on their ex-dividend day. ICSS is handing out dividends totaling NIS 30 million, and Tambour is distributing NIS 25 million dividends.
Other gainers include Formula Systems (Nasdaq:FORTY) and and the oil sector stocks. Formula is up 1.4%, Avner is rising by 2.6% and Delek Drilling is adding 0.7%.
Industrial Building is down 0.6% after gaining 6.5% earlier. The posted a 33% drop in net profit for 2000. The parent company Jerusalem Economic Corporation, which trades on TA-100, is diving 8% on NIS 10,500. Yesterday the shares jumped 8.7% on NIS 2,000.