Tel Aviv stocks are trading with a positive bias in early Thursday trade. The Maof-25 blue chip index is up 0.6% and the TA-100 index is rising 0.7%. Technology shares are up 1.2%. Total turnover is low at NIS 27 million. The gains are attributed to the 1.2% Wednesday Nasdaq climb.
Teva Phamaceuticals (Nasdaq:TEVA) is up 0.5% on NIS 10 million turnover after excellent Q4 results. Teva posted $567 million sales for Q4, 9% up from the parallel quarter in 2000. Profit excluding one-time expenses rose to $89 million, 54% more than in the parallel quarter. Net profit including one-time charges came to $80 million, 59 cents per share.
Phone company Bezeq is rising 1.4% on NIS 3 million volume. Yesterday, bidders filed their proposals for control in the state-owned company. The following companies announced their bidding: Africa Israel with Shrem Fudim Kelner's Polar Investments, Eurocom, the Israel Corporation, a group of investors represented by Yitzhak Kaul and Daniel Rosenne, Hong Kong based Pacific Century Cyber Works (PCCW) and American investment fund Apax Partners.
Bank Hapoalim is up 0.5% on NIS 500,000 turnover, Bank Leumi is trading unchanged. Bank Discount is rising 0.4% on NIS 100,000 turnover. The bank has been trading up in the wake of reports it is to float its New York subsidiary on Nasdaq.
Koor Industries (Nasdaq:KOR) is rising 1.7% after subsidiary ECI Telecom (Nasdaq:ECIL) yesterday rose 9%. Discount Investments is up 1.3%. The Discount Investments gains are related to Gilat Satellite Networks (Nasdaq:GILTF) yesterday rising 11% on Nasdaq. Gilat is in talks with the Indian government ahead of signing a large contract.