Stocks sharply down in Tel Aviv after delayed opening

Tel Aviv Stock Exchange

Large negative arbitrage gaps in dual-listed stocks are weighing on the Tel Aviv indices, with local bank stocks also falling heavily.

After a delayed opening this morning, with the start of trading deferred for six minutes in order to moderate the effect of the sharp falls in dual-listed shares traded both in Tel Aviv and New York, the first session of the week on the Tel Aviv Stock Exchange began on a significant downturn.

The Tel Aviv 35 Index is currently down 2.86% at 1,961.71 points; the Tel Aviv 125 Index is down 2.99%, at 2,049.98 points; and the BlueTech Global Index is down 4.28%, at 491.30 points.

All five leading stock are sharply down: Bank Leumi by 2.72%; Bank Hapoalim by 3.01%; Discount Bank by 3.02%; Nice Systems by 4.93%; and ICL by 1.77%.

The sharpest decliners are Opko Health, down 14.47%, Nova, down 7.76%, and Perion Network, down 6.40%.

On Friday in New York, the S&P 500 fell 1.89%, the Dow Jones Industrial Average fell 1.30%, and the Nasdaq index fell 2.7%. For the week, the S&P 500 was down 5.7%, the Dow Jones was down 4.6%, and the Nasdaq was down 7.6%. Among Israeli stocks, Liveperson opened up a 7.3% negative arbitrage gap on Friday, Ormat closed on negative gap of 6%, Tower Semiconductor, Nice Systems and Opko Health had negatives gaps of around 5.5%, and Teva had a negative gap of 4%. Opko Health continued to slide in after-hours trading.

The Tel Aviv 35 Index fell 2.5% last week.

Also on Friday, the shekel-dollar rate representative rose 0.19%, to NIS 3.14/$, and the shekel euro representative rate rose 0.20%, to NIS 3.5611/€.

The US Federal Reserve will announce an interest rate decision on Wednesday this week.

Published by Globes, Israel business news - - on January 23, 2022.

© Copyright of Globes Publisher Itonut (1983) Ltd., 2022.

Tel Aviv Stock Exchange
Tel Aviv Stock Exchange
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