— The Tel Aviv stock market recovered strongly today after three days of panic selling but experts could not agree over what triggered the sudden slide or the equally sudden upsurge. Shares that fell by an average of 15 percent yesterday, gained more than five percent today and price index-linked bonds were strong.
According to some market officials, the rush to unload strocks was mainly by small investors nervous over the economy in general and the fact that their shares had reached prices out of proportion to their real value. But the officials could not explain why the selling wave occurred at this time. Other experts insisted there had been “no panic,” only a normal shakeout.
The recovery could be attributed to investors who picked up solid stocks at rock-bottom prices. Industrial issues continued to decline today but at a much slower rate than in the previous three days.
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