Market Report / Syrian Chemical Weapons Spook Investors

Stocks fell to open the trading week on the Tel Aviv Stock Exchange Sunday. The losses came despite Friday's gains on Wall Street, as well as a 17% jump in shares of dual-listed Mellanox.

Stocks fell to open the trading week on the Tel Aviv Stock Exchange Sunday. The losses came despite Friday's gains on Wall Street, as well as a 17% jump in shares of dual-listed Mellanox. Most likely, investors were scared off by Prime Minister Benjamin Netanyahu's comments yesterday morning on the movement of Syrian chemical weapons into Lebanon. The major indexes fell into the red near closing after spending almost all the trading day in positive territory after a strong opening.

The blue chip TA-25 index fell 0.3% and ended the day at 1,193 points. The broader TA-100 index lost 0.2% to end the day at 1,062 points. All the major indexes, except for those of technology shares, were well in the red for the day. The TA-Technology index rose 1.25% and the BlueTech-50 index gained 0.9%. But the Real Estate-15 index lost 0.1%, the Oil and Gas Exploration index fell 0.9% and the Biomed index lost 0.4%. The TA-Banks index dropped 1.6%, led downward by Israel Discount Bank, which lost 2.6%.

Turnover was especially low at just over NIS 700 million, low even for a Sunday with foreign markets closed and most foreign investors off for the weekend. Corporate bonds also closed 0.1% lower for the day.

While there was no official representative rate set yesterday as on every Sunday, dollar-shekel options trading reflected almost no change in the dollar at NIS 3.714.

Bloomberg