Tel Aviv stocks are sustaining opening losses on Wednesday afternoon, following a slew of poor Q3 reports from Israeli companies and Tuesday's drops on Nasdaq.
The Maof-25 index of blue chips is off 0.4% to 405.3 points, and the TA-100 index is down 0.2% to 386.3 points. Technology shares are rising 0.4%. Turnover is low at NIS 135 million.
Elbit Systems (Nasdaq:ESLT) is rising 0.4% after announcing that its division El-Op Electro-Optics Industries will provide Lockheed Martin (NYSE:LMT) display systems for the Israeli air force's F-16 fleet. The deal is worth over $7 million.
First International Bank of Israel is down 2% after opening with gains of 0.6%. The bank published disappointing a Q3 report yesterday. FIBI had to make a special provision of NIS 28 million due to its investment in securities, chiefly in bonds of Gilat Satellite Networks (Nasdaq:GILTF).
Bank Hapoalim is off 1.1%, Bank Leumi is down 1.6%, while Bank Discount is rising 0.9%.
Poalim Electronic Communication is down 3.4%. The company reported NIS 14.2 million losses for the third quarter, largely due to writing down its investment in Arel Net by NIS 7.2 million. Arel Net lost NIS 1.8 million for the first nine months of this year.
Real estate company Azorim is down 5.5% on NIS 6.6 million. Today is the x-dividend day of the firm's NIS 220 million dividend.
Teva Pharmaceuticals (Nasdaq:TEVA) is up 0.04% on the session's biggest turnover, NIS 16 million. Tower Semiconductor (Nasdaq:TSEM) is down 3.5% after opening with a negative arbitrage gap of NIS 3%. Partner Communications (Nasdaq, TASE:PTNR, LSE:PCCD) is up 0.2%. Nice Systems (Nasdaq:NICE) is rising 3%.