Tel Aviv stocks plummet by over 4%

Declines in world markets spark losses; real estate stocks down by over 6%.

global agenda 88 (photo credit: )
global agenda 88
(photo credit: )
The Tel Aviv stock market on Sunday closed with large declines that continued Thursday's trend. The devaluation is mainly attributed to sharp declines in markets worldwide over the weekend. The index lost seven percent over the past two days, which sets it back three months. The TA 25 Index lost 4.21 percent and closed at 1,089.27 points, the TA 100 Index lost 4.35 percent, while the Tel Tec was devalued by 4.06 percent, closing at 406.93 points. Real estate stocks plummeted by 6.07 percent. On Wall Street, the GDP report failed to ease investors' fears about housing. The Dow Jones industrial average tumbled 208.10 points on Friday. One day earlier, the index suffered its second biggest drop of the year, plunging by 311.50 points. The culprit: investors' heightened anxiety that troubles in the housing and home-mortgage markets could spread. The Shekel's devaluation against the dollar and concerns that interest rates would rise for the second month in a row were also in the background of the sharp declines. Over the past week, the USD gained 2.5 percent versus the Shekel. AP contributed to this report.