The Tel Aviv Stock Exchange is sustaining its gains, but the session is dull. Total turnover is low at NIS 158 million.
The Maof-25 index is up 1.76% at opening to 485.62 points, while the TA-100 index is gaining 1.92% to 472.02 points. The Tel-Tech index is up a sharper 5%.
The TASE gains follow a positive end to the week on Wall Street. Nasdaq ended last week with a steep 4% gain, pulling up dual-listed Israeli stocks, which are expected to lift the indices this morning.
Noam Kushlevitch of Meitav investment house says the market is correcting upwards today, especially stocks that suffered the worst in recent months. He says expectations of an interest-rate cut are bolstering the gains. Barring acceleration of hostilities, the market should stay positive, he feels.
Generic drugs giant Teva Pharmaceuticals (Nasdaq:TEVA) is gaining 4.7% on the session's highest turnover, NIS 26 million. Last week several investment houses reiterated their Buy rating for the stock.
Bucking the positive trend is Union Bank of Israel
, dipping 1% on lively turnover of NIS 4.2 million. That volume of trade is unusually high for Union Bank, but most of it was generated by three big deals of about a million shekels each. Another stock to slip at this time is Israel Chemicals, now 0.67% off on NIS 2 million turnover.
IDB group stocks are rising impressively, including Discount Investments, up 3.2%, Clal Industries, up 4%, IDB Developments, up 3% and IDB Holdings up 2%.
Steep gains in Nice Systems (Nasdaq:NICE) are easing a bit. Nice is now up 4% after opening on a big 6.4% positive arbitrage gap with Nasdaq. Koor Industries (Nasdaq:KOR) is up 4.6% after opening on a 4.2% positive gap.
Other dual-listed gainers this Sunday morning are Metalink (Nasdaq:MTLK), up 8.7% to lift its 10-day gain to 63%. Retalix (Nasdaq:RTLX) is up 11.5% and Eshed Robotec (Nasdaq:ROBO) is rising by 11.3%. Tower Semiconductors (Nasdaq:TESM) is continuing its positive trend since listing for trade on TASE last Wednesday, and is currently up 10.5%.
Software house Liraz is rising by a steep 18.5% leap on lively NIS 5.6 million turnover. Liraz seems unaffected by the profit warning released on Thursday by affiliate Level 8 Systems (Nasdaq:LVEL). Liraz lost 2.3% on Thursday, the week's last day of trade in Israel, but is bouncing back today with a bang.
Suny Electronics is leaping 10.7%, completing a 33% gain in the last six days of trade. Galran is soaring 22.5% on a tender offer by the company to buy back all its stock at NIS 40 up 30% from its opening price this morning.