Tel Aviv stocks withered throughout Monday's trading session. The Maof-25 index of blue chips fell 1.68% to 429.66 points and the TA-100 index closed down 1.63% to 419.50 points. The Tel-Tech technology index fell 3.3%, falling below the 300-point support level. Turnover reached NIS 211 million.
Teva Pharmaceuticals (Nasdaq:TEVA) rose 0.54% on a volume of NIS 18.1 million. Yesterday Bank of America published a Strong Buy recommendation for Teva, based on expectations that sales of Copaxone, Teva's proprietary treatment for multiple sclerosis, will continue to grow.
Bank stocks closed slightly down on a general assessment that the banking sector will suffer from the overall economic slowdown. This view was reinforced by a Lehman Brothers report from yesterday, predicting that a fall-off in corporate results, combined with Israel's political unrest, will result in a decline in banking financials. Bank Hapoalim lost 1% on a turnover of NIS 20.2 million, but Mizrahi Bank rose 0.15%. Bank Leumi fell 0.6% on a NIS 18.5 million turnover.
National phone carrier Bezeq shed 4% on a NIS 24.2 million turnover, and Koor Industries (NYSE:KOR) dropped 3.1%.
The negative sentiment continued among holding companies. Discount Investments lost 4.4% and IDB Holdings closed down 2.1%. IDB Development dropped 2.8%, Clal Industries shed 3.9%, and Clal Electronics lost 5.1%.
Migdal Insurance closed down 2.9% and Clal Insurance fell 1.9%.
Tethys Sea stocks did well after the Israel Electric Corporation announced it is to conduct in-depth talks with the Tethys Sea group in an effort to sign an agreement to purchase gas from Israeli sources. Avner jumped 4.4% and Delek Drilling gained 2.8%.