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Tel Aviv stocks are down 1.8% in early Thursday trade, after dropping 1.2% at opening. The negative mood is attributed to continued fighting in the region. Yesterday evening, a Palestinian terrorist killed three Israelis in the Hamra settlement between Jericho and Beit She'an in the Jordan Valley. The 1.4% drops on Nasdaq aren't helping either.

The Maof-25 blue chip index is off 1.8% to 447.3 points and the TA-100 index is down 1.4% to 430.8 points. Technology shares are dropping 2.3%. Total turnover is low at NIS 14 million.

Teva Pharmaceuticals (Nasdaq:TEVA) is off 0.2% on NIS 1.5 million volume of trade. Investment bank Nessuah Zannex today rated Teva a Buy. Analyst Haim Israel reiterated the $79 price target, 30% above the market.

Dual-listed shares are posting sharp losses after opening with big negative arbitrage spreads. Metalink (Nasdaq:MTLK) is falling 5.5% after opening with a huge negative arbitrage spread of 10.9%. Tower Semiconductor (Nasdaq:TSEM) is down 3.6%, and Alvarion (Nasdaq:ALVR) is off 7%, after yesterday dropping 9.1%. The company on Wednesday released its 2001 results. Koor Industries (NYSE:KOR) is off 2.8%.

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Bank Leumi is down 1.3% and Bank Hapoalim is off 1.1%.

Clal Insurance is down 2.8%.