Tel Aviv stocks reversed to finish Tuesday with a negative bias, after sustaining gains throughout most of the session. Stocks had climbed for two days on the resumption of talks between Israel and the Palestinians, though fighting continued this morning in the Palestinian territories, and a terrorist was killed in the morning bearing explosives on his body. The shekel gained ground against the dollar, reaching a 5-month high against the dollar. That helped boost the mood on the floor, helped by the steep gains on Wall Street last night. Though not everybody would agree that the Wall Street gains can be taken as a sign of a rally see Pinchas Landau on Mad trader disease. Anyway, Nasdaq gained 2.5% on its fourth consecutive day of gains, and the Dow Jones rose 2.4%, approaching the 9,000-point benchmark. Tamir Fishman manager David Levy says Nasdaq crossed a resistance level at 1,350 points two days ago, indicating that the tech market could be starting an upswing. On the Tel Aviv Stock Exchange, Levy noted that turnovers have been pitifully low, making trade highly technical in nature. The Maof-25 index finished down 0.1% to 374.9 points and the TA-100 index ended unchanged at 362.6 points. Tech stocks sustained a gain of 0.6%. Turnover was very slim at NIS 141 million. Today
Koor Industries (NYSE: KOR) reported narrower losses for the second quarter, in fact, 90% narrower compared with the parallel, to $15 million. It attributed the improvement to a drop in losses by affiliate ECI Telecom (Nasdaq: ECIL) , and improved results from Makhteshim Agan Industries (TASE: MAIN ) and Elisra. Sales rose 6% to $381.1 million, Koor said. Koor also said it will be having its holdings in ECI re-evaluated by a third party, to adjust its accounting value in its books. Although Koor started the day on a 3% jump, its gradually slipped to end down 0.3% on turnover of almost NIS 6 million. On Koor's report, David Levy commented that the conglomerate indeed showed a steep improvement in its losses. But its investment portfolio is no great bargain, Levy added: ECI and Makhteshim are not "growth" companies, and Telrad is a story of woe. Onto other news: Electra Israel today published its financial statement, telling of firm profits at NIS 18.5 million, in 16% growth in revenues to NIS 419.9 million. The increase was due to consolidation with RTT, for the first time, the company said. The company's share also reversed to a fall of 1.3%. Bank Mizrahi yesterday reported that its net plunged 21% in the second quarter. It climbed in the morning but reversed to retreat 1%, even though Nessuah Zannex commented that the bank's results look pretty good compared with those of Israel's other major banking institutions. Holding companies shored up the indices, with IDB Holding Corp up 2.2% and IDB Development Corp rising 1.9%. Sister company Discount Investments gained 2.7% and Clal Industries, also an IDB group member, gained 0.7%. Insurance companies are lost their morning luck, with Migdal ending down 0.4%. But Clal Insurance (no relation) stayed in the green, ending up 0.7%.