TASE opening with mild gains Wednesday

The Wednesday session is opening with 0.3% gains, as low turnover is expected due to investor uncertainty regarding market direction. The Nasdaq yesterday slipped 0.9% on investor concern that more accounting practice scandals are on the way, and could bear on Tel Aviv trading today.

The Maof-25 is rising 0.48% while the TA-100 is gaining 0.28% and the Tel Tech is sliding 1%. Slim turnover is NIS 10 million.

Teva Pharmaceuticals (Nasdaq:TEVA) is up 0.18% on NIS 4 million. The company yesterday made a bid for German drug company Bayer's generic production and marketing activity in France for about 200 million euro. Teva is opening with a negative 0.3% arbitrage gap.

Alvarion (Nasdaq:ALVR) is plunging 9.1% on NIS 100,000 turnover after posting its Q4 results, where it reported a loss of $16.6 million on $25 million revenues.

Bank Hapoalim and Bank Leumi are rising 0.4% this morning, and Mizrahi Bank and Israel Discount Bank are unchanged in spite of a negative recommendation they received yesterday from IBI. The underwriter's analysts said the banks¿ low due diligence, the quality of their credit and the provisions for doubtful debt expected in Q4 2001 may affect the share.

Azorim Properties is likely to be attractive today after Nochi Dankner's Ganden bought another 36% in the company, raising its stake to 83.3%.

Nice Systems (Nasdaq:NICE) is unchanged this morning. The company will post its Q4 and annual results today.

Partner Communications (Nasdaq:PTNR) is rising 0.75% after a positive 1.15% opening gap.

Tower Semiconductor (Nasdaq:TSEM), which opened with a 0.6% gap and Formula Systems (Nasdaq:FORTY) which opened with a 1.1% gap are both rising about 0.55.

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