Tel Aviv stocks finished the Tuesday session almost flat on slim turnover, despite escalating hostilities between Israel and the Palestinian Authority.
Total turnover was NIS 155 million as investors froze to the fence and the Israel air force pounded Palestinian Authority targets in retaliation for serial terror attacks on Saturday and Sunday. No panic whatsoever was evident in trade, on the other hand, traders noted, just a cautious attitude.
The session began with a negative bias that quickly reversed, leading to peak mid-day gains of 0.8%. Towards noon news arrived of air force attacks on a PA headquarters, which weakened the indices slightly. The trend reversed again, leading to slim gains, as European markets traded upwards and Nasdaq futures proved positive.
The Maof-25 index finished up 0.1% at 401.8 points and the TA-100 index stayed flat at 386.8 points. Tech stocks, on the other hand, fell 1.2%.
Koor Industries (NYSE:KOR) ended down 3.3% after starting on a 3.3% negative gap. Investors are punishing it for the 13% drop its subsidiary ECI Telecom (Nasdaq:ECIL) suffered last night, possibly due to analyst disapproval of moves to sell a 12.5% strategic stake to new investors, the Dovrat and Ofer families.
Teva Pharmaceuticals (Nasdaq:TEVA) gained 1.6% on the highest turnover of the day, NIS 14 million.
Elbit Systems (Nasdaq:ESLT) climbed 2.2% after having gained 2% last night as defense stocks sustain their popularity.
Magal Security Systems (NASDAQ, TASE:MAGS) was popular, rising 17.2% after starting on an arbitrage spread of 15.4%.
Metalink (Nasdaq:MTLK) was among the losers, sinking 7.7%. Formula Systems (Nasdaq:FORTY) lost 1.2% and Elron Electronic Industries (Nasdaq:ELRNF) dipped by 1.6%.