Tel Aviv stocks lost 3.6% Sunday on fears that Wall Street will crumble on Monday

Insurance stocks finished with steep losses on expected jump in reinsurance premiums
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Tel Aviv stocks lost 3.6% on Sunday 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. Blue chips lost 5.2% earlier in the session.

In addition, investors apparently "cleaned 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 dropped 3.6% to 377.9 points and the TA-100 index lost 3.4% to 367.8 points. Tech stocks fell 4.9%. Total turnover was high at NIS 471 million.

Dual-listed stocks tumbled. Teva Pharmaceuticals (Nasdaq:TEVA) lost 3.3% on the session's biggest turnover, NIS 53 million. Partner Communications (Nasdaq, TASE:PTNR, LSE:PCCD) closed off 8.2%, Scitex Corporation (Nasdaq:SCIX) fell 6.4%, Retalix (Nasdaq:RTLX) closed off 6.6%, and Koor Industries (Nasdaq:KOR) closed down 6.9%.

Magal Security (Nasdaq:MAGS) corrected downward 5% after leaping 58% over two days after the terror attacks in the U.S.

Dor Energy leaped 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 3.1%. Investment house Menorah Gaon today rated Delta a Buy and set a price target of NIS 51.3. 33% above the market.

Insurance stocks took a drubbing after the disasters to hit the U.S. last week, even though the Israeli companies are not directly implicated. Clal Insurance closed down 5.6% on turnover of NIS 9 million, and Migdal Insurance dropped 5.4. It is believed that insurance companies will now have to significantly pay higher premiums to reinsurance companies.

Airline stocks in Europe today posted steep losses. This negatively impacted on Knafaim Arkia Holdings, which fell 9.6% on irregular turnover of NIS 3 million. Knafaim controls the Arkia carrier.

Bank Leumi dropped 1.5% on hefty turnover of NIS 46 million, Bank Hapoalim closed down 2.9%, Bank Discount lost 3%, and the First International Bank of Israel closed off 3.7%. Mizrahi Bank closed up 0.3% on NIS 16 million volume of trade.

IDB group stocks closed mixed. IDB Development Corporation lost 1.6% and IDB Holding Corporation closed up 0.1%, Discount Investments lost 6.4% after losing 8% earlier in the session, and Clal Industries closed down 5.8%, after losing 8% earlier in the session.