Prices on the Tel Aviv Stock Exchange plunged on Sunday, the first Israeli trading day after Standard and Poor's announced that it had lowered the United States' credit rating. The Tel Aviv composite index went under the 1,000 mark for the first time in years, closing at 962.16, down 7.31. Worst hit was the insurance index, which fell 9.74 percent to 1079.81 as the financial institutions closed at 961.36, down 8.86 percent. Then came the gas and oil stocks, which dropped 9.5 percent to 1,028.57, followed by the biomed issues, which closed at 698.36, down 9.13 percent. The other technology stocks fell 7.39 percent to 249.11 and the media/communications index finished the day at 864.46, down 7.62 percent.
The TA 100 fell 7.2 percent to 972.80, including a 6.99 drop by the Maof 25 most-widely-invested issues, which closed at 1,074.27. A six-percent drop in pre-market trading was blamed on the U.S. situation and losses in Asian markets. It delayed the opening of the exchange, Sunday morning.