Trading on the Tel Aviv Stock Exchange (TASE) opened after a delay, because the Tel Aviv 25 Index fell by over 2.5% in premarket trading. The opening was affected by the losses on global markets on Friday following the publication of disappointing macroeconomic figures, including the US jobs report, which showed that the unemployment rate remained unchanged at 9.1% in August.
Investors are also worried about September 20, when the UN General Assembly is due to declare an independent Palestinian state.
The Tel Aviv 25 and 100 indices both fell by 2.7% at the opening to 1,101 points and 990 points respectively. 23 of the Tel Aviv 25 shares were down at the opening, led by a 4.7% drop by Perrigo Company (Nasdaq:PRGO; TASE:PRGO). Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA) is down 2.9%.
Delek Group Ltd. (TASE: DLEKG) is down 3.8%, Israel Corporation (TASE: ILCO) is down 2.9%, its subsidiary Israel Chemicals Ltd. (TASE: ICL) is down 2.4%, and Discount Investment Corporation (TASE: DISI) is down 3.3%.
Real estate company Gazit-Globe Ltd. (TASE: GLOB) is bucking the market with a gain of 0.7%, and Makhteshim Agan Industries Ltd. (TASE: MAIN) is unchanged.
On the Tel Aviv 100 Index, Spacecom Satellite Communications Ltd. (TASE:SCC) is up 4%, for the biggest gain on the index, after announcing a new $65 million 10-year services contract in Africa via its Amos 5 satellite, scheduled for launch in December.
Under TASE regulations, based on London Stock Exchange regulations, if the Tel Aviv 25 Index rises or falls by 2.5% in premarket trading, the opening is delayed by five minutes. If the change persists during the delay, the opening postponed by a further five minutes. If the movement exceeds 5%, the opening is postponed by 45 minutes, and if it exceeds 12%, trading is suspended for the day.
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