TASE closed in the red Monday

Leading TASE indices fluctuated this Monday, having opened with climbs as high as 1%. The negative trend strengthened as the session advanced, and the Maof-25closed down 0.55%, the TA-100 lost the same and the Tel Tech slipped by a miniscule 0.01%. Total turnover was NIS 310 million.

Koor Industries (Nasdaq:KOR) plunged 3.8% on NIS 11.9 million turnover on the publication of the results of its holding, ECI Telecom (Nasdaq:ECIL), which posted an 11% decrease in quarterly earnings from Q3, when they totaled $232.8 million. ECI also reported net loss of $43.1 million in the quarter.

Teva Pharmaceuticals (Nasdaq:TEVA) recovered with a 1.6% gain on the highest turnover on the floor of NIS 38.4 million, after losing 4% since last week announcing its bid for Bayer's generic activity in France. Bank Hapoalim analyst Rakefet Levison today estimated the company would post a net $87 million profit in Q4, and revenues of $557 million.

Partner Communications (Nasdaq:PTNR) closed up 0.1% after Tamir Fishman gave it a Buy at High Risk rating this morning. Analysts Hagit Shani and Michael Ben-Yaacov gave the share a target price of NIS 39, 48% higher than its market price.Bezeq gained 1.2% on high NIS 31 million turnover.

The two big banks closed in the red, in spite of early climbs. Bank Hapoalim lost 2% and Bank Leumi dipped 1.8%. This morning's recovery for IDB group shares slipped back to close to nothing. Discount Investment closed up 1%, while IDB Development shed 0.9%. IDB Holdings lost 1.3% and Clal Industries slipped 2%, altered by ECI¿s reports.

Chemical sector shares were mixed. Makhteshim Agan gained 1.2% while Israel Chemicals lost 0.5%.

Dual listed shares also closed mixed. Elbit Systems (Nasdaq:ESLT) rose 0.5% on NIS 10.7 million turnover. Retalix (Nasdaq:RTLX) climbed 0.6% on NIS 4.4 million turnover. Unlike them, Nice Systems shed 0.6% and Formula Systems dipped 0.8%.

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