Israel Shares Lead Middle East Lower on Global Growth Concern; Egypt Falls - Bloomberg

Israel’s benchmark stock index fell the most in more than a week, leading a decline in Middle East markets, as a drop in U.S. consumer confidence and a slowdown in China spurred concern the global economic recovery is faltering.

Israel’s TA-25 Index decreased 1.5 percent, the most since July 7, to 1,095.21 at 2:33 p.m. in Tel Aviv. Teva Pharmaceutical Industries Ltd., the world’s largest maker of generic drugs, led the decline after a U.S. court denied its motion to overturn an April 23 jury verdict on the validity of a patent for a heartburn drug. Israel Chemicals Ltd., which extracts minerals from the Dead Sea to make fertilizer, lost 1.2 percent. In North Africa, Egypt’s EGX30 Index lost the most in almost a week, dropping 1.2 percent.

“The local market is down following the big drops overseas on Friday,” said Yaron Fridman, equity strategist at Bank Hapoalim Ltd. in Tel Aviv. “Investors are wary of the moves in the U.S.”