Israeli shares headed for their biggest drop in a week amid concern that Europe’s debt crisis will hamper global growth and as fighting escalated in neighboring Syria. Dubai’s stock index declined.
Cellcom Israel Ltd. (CEL), Israel’s largest wireless provider, tumbled to the lowest intraday level on record. Mellanox Technologies Ltd. (MLNX), a developer of technology used to transfer and store data, lost 4.3 percent following a decline in its U.S.-traded shares. The TA-25 benchmark index dropped 0.7 percent, heading for its biggest decrease since July 15, to 1,072.26 as of 1:03 p.m. in Tel Aviv. Dubai’s DFM General Index (DFMGI) fell 1.3 percent.
“The market is following the European and the U.S. market declines on Friday on continued debt concerns on the continent,” said Daniel Rapoport, head of equity and derivatives at Bank Leumi Le-Israel (LUMI) in Tel Aviv. “Liquidity is poor, typical of a Sunday and we are at the height of summer.”
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