Late afternoon turnaround lifted TASE 0.5% Tuesday - TheStreet

Tel Aviv stocks closed up 0.5% Tuesday, after dropping 1% most of the session. Optimistic Nasdaq futures helped stocks turn to gains.

The Maof-25 blue chip index closed up 0.7% to 393 points, the TA-100 index closed up 0.5% to 378 points, and technology shares closed unchanged. Total turnover was a low NIS 190 million.

Drug giant Teva Pharmaceuticals (Nasdaq:TEVA) jumped 3.2%, attracting the session's biggest turnover, NIS 74 million. A hearing is scheduled this week on Akzo Nobel's claim against Teva's anti-depression drug Mirtazapine, the generic version of Akzo Nobel's Remeron. Analysts estimate the U.S. court will allow Teva to market Mirtazapine. Original-drug sales are estimated at $500 million.

Koor Industries (NYSE:KOR) closed off 0.6%, and Clal Industries closed down 0.7%, both in downward correction after ending up on Monday. Affiliate ECI Telecom (Nasdaq:ECIL) yesterday posted $194.7 million revenue for Q1, close to projections. Loss came to $52.1 million, among other things due to a $53 million write off in subsidiary InnoWave. The results are generally not as bad as had initially been expected. ECI climbed 4% on Nasdaq on Monday, after leaping 15% earlier in the session.

Discount Bank closed down 0.9%. Supervisor of Banks Yitzhak Tal yesterday said the bank is nearing the limit of its credit capacity, and that by the end of the year the bank will be required to cut its loan plan in order to the meet minimum capital ratio requirements.

Digital recording systems maker Nice Systems (Nasdaq:NICE) closed up 2.6% on NIS 5.6 million volume. The company announced it a $2 million contract to provide NiceVision systems to a major airport in the United States.

Bank Hapoalim closed up 0.8%. Bank Leumi closed up 0.5%.

IDB Holding Corporation closed up 1.3%, IDB Development Corporation climbed 1.2%, Discount Investments closed up 0.3%.

Industrial Building Corporation closed off 0.2%.