Tel Aviv stocks closed with negligible gains of 0.2% on Tuesday on moderate turnover of NIS 327 million after a flip-flopping session.
The Maof-25 blue chip index closed up 0.2% to 433.7 points and the TA-100 index climbed 0.2% to 415.5 points. Technology shares closed up 0.4%.
Stocks opened with 0.9% gains following gains on Wall Street on Monday, but leading indices soon turned to losses and at mid-day were dropping 1.6% despite gains in Europe. After 16:00 stocks began recovering and were rising 0.5%, but a negative Nasdaq opening slowed the rally.
Market players related the moderated gains to the weakening of the dollar against the shekel after the Bank of Israel governor said it will not be possible to persist with short-term low interest rates unless long-term interest rates drop relatively.
Teva Pharmaceuticals (Nasdaq:TEVA) closed up 1% on the session's biggest turnover NIS 38 million. Teva opened with a 1.8% positive arbitrage spread after gaining 1.6% Monday. On Monday Teva announced the U.S. Food and Drug Administration had granted it tentative approval for Quinapril HCL 5, 10, 20 and 40 milligram tablets. This is the first FDA tentative approval for Quinapril. The drug is the generic version of Parke Davis' Accupril for treating hypertension. Annual sales of the original drug come to $500 million.
Koor Industries (NYSE:KOR) closed off 4.3% and Clal Industries closed down 1.8%. The drops were attributed to affiliate ECI Telecom (Nasdaq:ECIL) plunging 16% on Monday. ECI reported $232.8 million revenue for Q4, 11% less than in Q3. Revenue was 7% less than the average estimate. Net loss came to $43.1 million. Yesterday, Koor dropped 3.8% and Clal Industries closed down 2%