TASE drops as UK investors fear Iran strike

TASE trader: This is the talk of the day in London.

The Tel Aviv Stock Exchange (TASE) fell sharply across the board in morning trading today, following losses on international markets. Futures contracts point to losses of up to 1.1% on Wall Street indices. European markets are down by up 1.4%, despite the absence of significant economic news.

At midday, the Tel Aviv 25 Index was down 1.3% to 1,103 points and the Tel Aviv 100 Index was down 1.2% to 1,027 points. Tel Aviv 25 options for June expired today at 1,117.01 points, on a turnover of NIS 1.8 billion.

Traders told "Globes" that traders in London told them that investors are worried that Israel might attack Iran, following reports in the Iranian press that Israeli planes landed in Saudi Arabia to unload military equipment, allegedly in order to prepare for a strike.

A trader told "Globes", "This is the talk of the day in London. Traders there interpret the report to means that Israel may be close to attacking Iran, hence the fears and market losses."

24 of the Tel Aviv 25 Index shares were down, with Delek Drilling LP (TASE: DEDR.L) the sole exception, albeit with a gain of only 0.1%. Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA) was down 0.9% and Bank Leumi (TASE: LUMI) was down 0.1%.

Published by Globes [online], Israel business news - www.globes-online.com - on June 24, 2010

© Copyright of Globes Publisher Itonut (1983) Ltd. 2010

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