Exactly.
The prices of shares in israel are represented in agorot (the plural of agora). 100 agorot = 1 shekel.

agora to the shekel is like a cent to the dollar.

There is almost no arbitrage when the trading times are close. For instance - this week the clock in israel passed to winter time, so from tuesday (yom kipur holiday on monday) the last trading hour in tel-aviv overlaps the 1'st trading time in new york.

Since usually the volume in tel-aviv is larger, this means that if anyone here wants to buy or sell a chunk I recommend doing it in the 1'st hour - it's probably going to be easier, as an immediare arbitrage can be done, and thus automatic computer programs come in.