Anticipation of 2% rate cut lifting Tel Aviv stocks 4% at Sunday opening

Action is surging as investors rush for shares
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Tel Aviv stocks are jumping 3.7% on surging turnover at Sunday's opening in ancitipation of the 2% interest rate cut promised by the Bank of Israel.

The rate cut is expected to be announced toward evening, after the central bank reached a comprehensive accord with Prime Minister Ariel Sharon over the weekend.

Traders also attribute the positive mood to Friday gains on Wall Street, when the Nasdaq climbed 1.4% and the Dow Jones closed up 0.5%.

The Maof-25 index of blue chips is rising 3.7% to 427.5 points and the TA-100 index is up 3.3% to 409.5 points. Tech stocks are gaining 3.8%. Total turnover is high at NIS 50 million.

The prominent gainers are Migdal Insurance, up 6.1%, Discount Investments, up 4.3%, and Phone company Bezeq, which is gaining 3.6%.

Teva Pharmaceuticals (Nasdaq:TEVA) is gaining 3.1% on turnover of NIS 5 million after starting on a positive arbitrage spread of 2.9%.

Elbit Systems (Nasdaq:ESLT) is up 2.6%, Koor Industries (NYSE:KOR) is climbing 5.1%, and Delta Galil Industries (Nasdaq:DELT) is jumping 8.1%.