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To: re3 who wrote (80368)	12/19/1999 12:26:00 PM
From: clochard	Respond to of 86076

unday December 19, 10:22 am Eastern Time Israel shares down on fears of U.S. correction JERUSALEM, Dec 19 (Reuters) - The Tel Aviv Stock Exchange closed down on Sunday due to fears Wall Street's Nasdaq is due for a correction, traders said. The Tel Aviv 100 (TA-100) dropped 2.58 points or 0.56 percent to 460.71 points on a turnover of 397.8 million shekels compared with 413 million shekels on Thursday, the last day of trading before the Israeli weekend. The TA-25 blue-chip index ended down 2.51 points or 0.55 percent to 457.90 points. Itzik Amado, assistant manager of international marketing of securities at Bank Hapoalim , said even though the market dropped slightly, it showed a lot of activity, which is good. ``Overall, things are good. We are hearing good things,' Amado said. ``The central fear is from the market in the United States, which is simply crazy.' Following sharp rises in Nasdaq recently, people fear the market is due for a correction, said Yisrael Weinberg, portfolio manager at Impact Union Portfolio Manager. ``There are some fears that Wall Street is a little high and the fears are more there than here,' Weinberg said. More than 100 Israeli companies trade in the United States, most on Nasdaq, so it greatly influences the Tel Aviv Stock Exchange. Weinberg said if it had not been for the renewal of Israeli-Syrian peace talks last week, the market would have dropped more. Israeli Prime Minister Ehud Barak and Syrian Foreign Minister Farouq al-Shara held high-level talks in Washington last week and are scheduled to resume them on January 3. Bank Leumi was the most active share, rising 0.12 percent to 8.11 shekels on a turnover of 27.3 million shekels. ``These are foreign investors who are seeing that the banks here are cheap compared to the rest of the world,' Weinberg said, explaining the activity Bank Leumi and other Israeli banks have been enjoying recently. Teva Pharmaceuticals Industries rose 5.44 percent to 252 shekels on a turnover of 24.2 million shekels. Teva Isramco Inc. was also actively traded, dropping 3.23 percent to 18 shekels on a turnover over of 21.3 million shekels. Mul-T-Lock Ltd , which announced on Sunday it reached an agreement in principle to sell 78.56 percent of the company to Sweden's Assa Abloy AB for $11 million, surged 30.57 percent to 21.40 shekels.