Tel Aviv blue chips are losing about 2.4% on sluggish trade after Nasdaq's 5% dive on Tuesday. Tech stocks are losing a milder 1.25%.

The Maof-25 index is off 2.4% to 401 points and the TA-100 index is losing 1.7% to 394 points.

The Bezeq phone company is down 1.4% on high turnover for this desultory day oF NIS 7.5 million.

Clal Electronics is down 1.5% after yesterday reporting an enormous NIS 368 million loss for the fourth quarter. Market players surmise that the company's share price, which has dropped almost 50% this year, already incorporates expectations of the massive loss. In other words, Clal Electronics stock is not expected to drop sharply even after the dimensions of its losses became evident.

Other companies belonging to the IDB group are all losing ground. Discount Investments is off 3.4%, IDB Development Corp. and IDB Holding Corp are both losing about 3%.

Koor Industries (Nasdaq:KOR) is expected to file its quarterly report today. It's down 3%.

Most of the dual-listed shares opened the session with wide arbitrage gaps. Retalix (Nasdaq:RTLX) is down 2%. Nice Systems (Nasdaq:NICE) is falling by 3%. Teva Pharmaceuticals (Nasdaq:TEVA) is one of the few sustaining gains today. It's up 0.7%.

Magic Software (Nasdaq:MGIC) is off 4% after Bank Hapoalim downgraded it from Buy to Hold, saying it saw no reason to invest in Magic at this point.

Bank Hapoalim is off 0.6% after reports today that its Wall Street float is on ice. This isn't the time for a Wall Street issue, but Hapoalim says it may go ahead when the conditions improve.

Chemicals company Makhteshim Agan, also of the Koor group, is off 0.6% on high turnover. Market players expect lively action in Makhteshim stock, which has lost 10% over the last few days, and because investors are still fleeing tech stocks for defensive shares such as Makhteshim.