Teva Pharmaceuticals (Nasdaq:TEVA) and IDB group stocks dragged down the indices at the Tel Aviv Stock Exchange on Thursday.
With European stocks sliding into the red and Nasdaq in negative territory on Wednesday, investors spent most of the session selling strong, though stocks began to cut losses in the afternoon.
The Maof-25 index ended down 0.6% to 387.9 points and the TA-100 index fell 0.8% to 373.9 points. Tech stocks were off 0.8%. Total turnover is razor-thin at NIS 200 million.
Scitex (Nasdaq:SCIX) lost 0.9% after a topsy-turvy day despite announcing a $35 million share in humungous write-downs pre-announced by Creo, in which Scitex holds a 27% interest. Also, Scitex started the day on a 1.3% negative gap.
But Scitex' announcement is doing no favors for its investors. Discount Investment Corporation, which owns 21.7% of Scitex' stock, lost 3.4%. Clal Investments, which holds a 22% stake in the printing company, tumbled 2.3%.
Weighty Teva lost 3.3% after starting on a negative arbitrage spread of 2.8%. Koor Industries (NYSE:KOR) lost 2% despite having rescheduled its $265 million long-term debt to Bank Hapoalim, which also agreed to lend it another $50 million.
The Bezeq phone company, which also contributes heavily to the Maof index, fell 0.7%.
Nice Systems (Nasdaq:NICE) correctedg downward after its 7.3% leap yesterday. It started on an arbitrage gap of 3.8% and fell by 2.7%.
Retailers and banks ended mixed, with Bank Hapoalim up 0.7%, Bank Leumi down 0.8%. The smaller banks finished with strong gains. Unusual activity was report in mortgage bank Mishkan, of 7 transactions, one of NIS 2 million. Mishkan ended unchanged. Market sources think that Bank Hapoalim, Mishkan's parent company, was behind the deals.
IDB group stocks sank en masse. Both IDB Holding Corporation and its sister company IDB Development Corporation lost 2.4%.