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Trading halts were triggered in Tel-Aviv as the TASE dropped more than 11.2%. After curbs were lifted the market jumped to close down about 5%. It appears that one institutional investor dumped a ton of stock at the market price triggering the sell-off.

Keep in mind that much like in the US, where bailouts and stimulus have done nothing to stem market drops the same things appears to be happening in Israel as well. I’m Right..You’re Wrong has a great post about the Israeli treasury’s economic recovery plan. Clearly the market hasn’t taken well to the proposal to spend over 21 billion Shekel on government works projects.

The TASE major indexes are off about 50% YTD, and keep in mind that the general public is just waking up to this fact. Many have just started to cash out their pension plans and put them into government bonds. If this trend continues, there is potential for further market falls.