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It may come as no surprise but it appears that foreigners have been dumping Israeli stocks in Tel Aviv at a feverish pace. According to the JPost.com: “Foreigners sold a net $1.2 billion in Israeli stocks and bonds in October, more than double the previous month’s level of $535 million, according to preliminary Bank of Israel figures. About $1.1 billion of the sales were equities traded on the Tel Aviv Stock Exchange, compared with $595 million in September, with the rest coming from the sale of TASE-listed bonds and Israeli securities traded overseas, the Jerusalem-based central bank said in a statement today. Overseas investors made direct investments of $444 million in the month, down from $929 million in September, it said.”

These numbers help explain the huge loses the TA indices have suffered, but it’s important to not that as far as emerging markets go, Tel-Aviv has been a big out performer.