Sharp Declines in Tel Aviv Exchange

The Israeli market reacted Sunday to the weekend global downturn in stock markets, with sharp drops of its own.

The Tel Aviv 25 Index fell 4.08%, to 1,625.97 points and the Bank Index sank by 4.8%.

The Tel Aviv 100 Index fell 4.10%, to 1,416.39 points; and the BlueTech Index fell 4.63% to 338.89 points.

The TelBond 20 corporate bond index fell 0.65%, to 316.34 points.

Turnover totaled NIS 1.4 billion.

Wall Street had its worst week in four years, and it ended particularly badly on Friday, when the Dow Jones industrial average closed down 530 points. This was the ninth-biggest point decline in its history.

Investors were reportedly worried about signs of a slowdown in the Chinese economy. The stock of Apple, which depends heavily on Chinese demand, fell more than 6 percent.

The Dow finished at 16,459, falling more than 1,000 points last week alone. Its decline for the day on Friday reached 3.1 percent. The Standard & Poor's 500 index finished down 3.2 percent.

Source: http://www.israelnationalnews.com/News/News.aspx/199810

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