Tel Aviv Stocks Rebounded Wednesday to End With Mild Losses

Turnover was heavy and the mood tense; Teva lost 2% despite starting with 5% negative arbitrage gap

Tel Aviv stocks rebounded to end the Wednesday session with a negative bias, after a volatile day that began in the shadow of the violent retreat in global markets the day before.

The session began with losses that gained momentum through the first two hours. The leading indices clawed back towards the flatline, only to lose ground again in the last hour, and bounce back to end with mild losses.

Shanghai set off a worldwide retreat in share prices on Tuesday after its leading indices tumbled by about 9%, for no particular reason other than suspicion that share prices had risen too high. Wall Street investors reacted sharply, sending down the Nasdaq 4% and the S&P-500 index by more than 3%. Today Chinese rebounded by 4%, which may have heartened Israeli investors. But the other Asian markets and European exchanges lost ground nonetheless, dropping between 1% to 1.5%.

The TA-25 index lost 0.4% to 971.6 points and the TA-100 index fell 0.4% to 970.7 points. The Tel-Tech 15 index endd 0.1% lower. The banks also rallied, cutting their 1.5% loss to 0.3%. The Tel Aviv Real Estate-15 index gained 0.4%.

Almost all the dual-listed stocks began with negative arbitrage gaps. Teva had lost 5% last night on Nasdaq and dropped 2% on heavy turnover of NIS 211 million.

Elbit Systems overcame a starting negative arbitrage gap and advanced by 1.4% and Nice Systems gained 0.1% on lively turnover of NIS 45 million.

Bank Hapoalim lost 0.4% and Bank Leumi dropped 0.5%. Turnover in Hapoalim stock was the highest of the day: NIS 227 million.