Tel Aviv stocks sluggishly U-turned Thursday to lose morning gains. After an afternoon of meandering around the flatline, the indices finished about half a point off on negligible total volume of NIS 136 million.

The Maof-25 index wound up 0.6% down at 376.7 points and the TA-100 index fell 0.3% to 365.1 points. The Tel-Tech-15 index lost 0.2% to 194.3 points.

As traders keep pointing out, investors are on holiday, which goes for the institutionals too.

Koor Industries (NYSE, TASE:KOR), which on Tuesday reported narrowing losses for the second quarter, ended up 0.7%, cutting an opening surge of over 2%.

Teva Pharmaceuticals (Nasdaq,TASE:TEVA) slumped by 1.8% after starting on a negative arbitrage gap of 1.2%.

Investors were evidently unimpressed with an evaluation of Bank Hapoalim carried out by Prof. Amir Barnea, who ruled that it's worth roughly double its market value. Hapoali spent the day crawling south, and finished down 1.6%. Bank Leumi, Israel's other major bank, retreated by half a percent.

Blue Square Israel published its reports today, flouting expectations that they would be absolutely dreadful. Absolute, they were not: they did serve to prove Einstein's theorem that everything is relative. Blue Square's net slipped 20% to NIS 38 million, but then its arch-rival Supersol did even worse, having reported an almost-50% slide in net to NIS 28 million.

Blue Square Israel gained 6.1%, its subsidiary Blue Square Properties rose 3.5%, while Supersol inched up 0.3%.