Israeli stocks meandered to a mildly positive close Sunday on vanishingly thin turnover of NIS 91 million. Investors were evidently unmoved by the falls on Wall Street last week as accounting outrages hit the headlines again. Nasdaq ended Friday down 3% and the Dow Jones retreated 2%, but the TASE didn't twitch.

The Maof-25 index dipped from earlier, rather steeper gains to close up 0.3 and the Tel Aviv-100 index finished up 0.2%. Tech stocks beat the Nasdaq-dictated trend and finished 1.4% in the green.

Meitav's Noam Kushlevitch surmises that Israeli players are looking more at the domestic security situation and at the shekel-dollar rate, which are both quite stable these days, and less at Wall Street, which is the usual trend-setter. That would explain why Israeli stocks are not budging despite the klaxon sounding from New York on Friday.

However, Kushlevitch added, Thursday is the expiry day for options on the Maof-25 index. The low turnovers will make it particularly easy for Maof speculators to sway the indices, he said.

Onto the stocks! Blue Square Israel (NYSE:BSI) ended up 2.1% after climbing 6.5% on Thursday, on the strength of its second-quarter report. Did it do well? It did not: the retail chain's net profit slid 20% from the parallel quarter. But the market had expected it to do worse like its rival retailer, Supersol (NYSE:SAE), which saw its earnings erode by almost 50%.

Supersol, while on the subject, sagged by 0.3% today on a million shekel turnover.

Teva Pharmaceuticals (Nasdaq:TEVA) (and others) are getting sued by GlaxoSmithKline (LSE:GSK), which claims it (they) used stolen bacteria to make their generic version of augmentin. How original! clapped analysts, adding however that Glaxo would do almost anything to protect its cash cow, but that the ploy probably won't work. We are unconcerned, it's a non-issue, a Teva spokesperson sniffed to TheMarker. The Israeli drugmaker gained 0.1% today on NIS 13 million - a piffling fraction of its usual volume. India's Renbaxy firmly denied the allegations that it used nicked germs; Novartis has yet to comment, insofar as can be ascertained as of writing.

Profit-taking led the IDB group down today, after sharp gains last week. IDB Holding Corporation ebbed by 0.4%, while sister company IDB Development Corporation dropped 1.4%. Another sibling firm, Discount Investment Corporation, retreated by 3.2% while Clal Industries sank by 2.5%.

Ormat gained 1.4% after announcing an agreement to build another geothermal power station in New Zealand.

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