The market has fallen to its lowest level since September 2009.
The Tel Aviv Stock Exchange (TASE) fell sharply in morning trading, with the Tel Aviv 25 Index falling below 1,000 points for the first time since September 2009, and the Tel Aviv 100 Index falling below 900 points. The TASE has lost over a quarter of its value in the past four months.
The Tel Aviv 25 Index fell 2.6% to 998 points and the Tel Aviv 100 Index fell 2.7% to 896 points. The falls moderated somewhat as the session wore on.
The TASE is down sharply for the second straight day as European markets opened with losses and futures contracts point to losses at the opening on Wall Street. Traders are scared that Greece will go bankrupt and at reports that Moody's may cut the credit ratings of large French banks that hold Greek government bonds.
All the shares on the Tel Aviv 25 Index are down sharply in morning trading, led by a 5.3% drop by Yitzhak Tshuva-controlled Delek Group Ltd. (TASE: DLEKG). Israel Corporation (TASE: ILCO) is down 3.4% and subsidiary Israel Chemicals Ltd. (TASE: ICL) is down 3.5%. Nochi Dankner-controlled Discount Investment Corporation (TASE: DISI) is down 4.4%.
Published by Globes [online], Israel business news - www.globes-online.com - on September 12, 2011
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