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Global decline hits TASE (Tel Aviv Stock Exchange) All Tel Aviv 25 shares are down, on thin trading. Dual-listed shares are underperforming the wider market. Avi Weinreb 2 Jul 02 12:30 Shares on the Tel Aviv Stock Exchange (TASE) are sinking today, after the Nasdaq started the week by slumping 4% to its lowest closing point since 1997. At web-posting, the Tel Aviv 25 index is down 1.6% at 360.09 points, as every share in the index heads lower. The Tel Aviv 100 index is falling 1.5% to 350.74 points while the Tel-Tech 15 index is losing 2.28% to 196.02 points, after dropping below the 200 points mark. Turnover is extremely light and totals NIS 30 million so far. “The market is very quiet, but is holding up well given what happened on the Nasdaq yesterday,” a market source said. Fears of a July 4 terrorism attack combined with another round of tech-selling to bring about yesterday’s sell-off on Wall Street. The Nasdaq closed down 4.06% at 1,403.8 points and the Dow Jones lost 1.44% to 9,109.79 points. Among Israeli shares on Wall Street, Check Point (Nasdaq: CHKP) dropped 10.7% to $12.11, ECI Telecom (Nasdaq: ECIL) dropped 5% to $2.85 and Zoran (Nasdaq: ZRAN) lost 8.4% to $20.99. In Europe, the London FTSE-100 index is currently down 1.11%, the Paris CAC-40 is down 1.73% and the Frankfurt DAX is down 1.67%. Meanwhile, Nasdaq futures are pointing up 0.2%. The negative signals from abroad have prompted a broad sell-off on the TASE. Drug maker Teva (Nasdaq: TEVA) is losing 0.9% compared with a 1.7% negative arbitrage gap versus its Nasdaq-listed share. On Monday, Teva announced that it had received final FDA approval for its generic version of two hypertension drugs, AstraZeneca's Zestril and Merck's' Prinzide tablets. Teva said the annual sales for the combined markets of the drugs is $1.64 billion and that it would begin shipping the drugs immediately. “Globes” reported last Thursday that Teva was about to announce FDA approval for the drugs, so yesterday’s announcement was expected. Bank Leumi (-1.3%) and Bank Hapoalim (-1.6%) are declining on lower than average volumes. Local broker Nessuah Zannex said today that Israel’s major banks faced possible rating downgrades by international rating agencies, after Fitch’s downgrade of First International Bank last week. Holding companies continue to decline to fresh lows. Shares of IDB Holdings are down 1.8% at NIS 81.80, and are now trading at levels last seen in 1998. IDB Development is down 1.9%, and Discount Investment Corporation is off 2.3%. Koor is losing 1.8%. Dual-listed stocks’ are feeling the weight of the Nasdaq’s latest dive. Partner Communications (Nasdaq: PTNR) is dropping 4.6% on the back of a 4.8% negative arbitrage gap, while AudioCodes (Nasdaq: AUDC) is sinking 13.3%, compared with a 16% negative gap. Digital recording solutions provider NICE-Systems (Nasdaq: NICE) is off 2% and Elbit Systems (Nasdaq: ESLT) is down 1.7%. Israel Salt Industries is up 0.5% after confirming negotiations to issue 33.33% of its shares to an unnamed investor, in exchange for a $90 million investment. Published by Globes [online] - on 2 July, 2002 --------------------------- ANTI-NATO INFORMATION LIST ==^================================================================ This email was sent to: archive@jab.org EASY UNSUBSCRIBE click here: http://topica.com/u/?a84x2u.bacIlu Or send an email to: [EMAIL PROTECTED] T O P I C A -- Register now to manage your mail! http://www.topica.com/partner/tag02/register ==^================================================================
