Whose sabbath matters?, or, when does the weekend effect occur?

The weekend effect and other seasonal anomalies in financial markets are now familiar in many countries. In searching for explanations for the 'weekend effect' in particular, it would be helpful to know when exactly 'it' occurs, whatever the 'it' may be that produces the effect. Since most countries do not have weekend trading in financial assets, the timing of 'it' has not been narrowed down. Israel has trading in all financial assets (except currency trading) on Sunday. By examining day-of-the-week effects for Israel, it appears that the weekend effect occurs on Sunday late in the day, and not an Friday evening ar Saturday. Other seasonal anomalies in Israel seem to be similar to those elsewhere. The generalizability of the findings to other countries is discussed.