Leading indicators in Tel Aviv are adding 1.5% early Sunday afternoon. Investors are cheered by the Nasdaq's 7.6% hike on Friday.
In addition, local investors are apparently hoping that the negotiations held in Washington by Israel and the Palestinians will succeed. Investors are likewise expecting that Bank of Israel Governor David Klein will tomorrow cut key interest rates by at least 0.2%. The general view on the market is that a higher cut is essential and will contribute to the optimism on the market.
Meanwhile the Maof-25 index of blue chips is adding 1.25% to 515.5 points and the TA-100 is up 1.2% to 495.6 points. The Tel-Tech index is gaining 0.6%. but total turnover so far is very low at NIS 98 million.
Solomon Mutual Funds' CEO Gili Cohen attributes today's buoyant mood on the Tel Aviv Stock Exchange to the Nasdaq's gains on Friday although among dual-listed shares it is especially big-cap companies such as
(Nasdaq:MERQ) that posted sharp gains.
Discount Investment Corporation continues to rally as it adds 2%. The hike is attributed to the company's communications holdings and to the gains posted by technology shares. IDB Development Corporation is adding 2% and IDB Holding Corporation takes the lead among blue chips as it rises 2.4%.
Financial shares are going strong as of morning, the banking index adding 1.3%. Bank Hapoalim is up 1.1.% on NIS 11.5 million, the session's highest turnover so far. The stock has been adding ground as of last week. Gmul Sahar investment house's analyst Doron Tsur said last week that Bank Poalim shares are a strong buy opportunity due to the losses suffered by the shares of late. Bank Hapoalim shares underwent aggressive sales at the outset of the unrest in the Middle East. Tsur set the bank a price target of NIS 15, some 34% above the market price.
Tsur granted Bank Leumi and Bank Mizrahi Buy ratings. Bank Leumi is adding 1.2% on lively action and Mizrahi Bank is up 2.4%.
Migdal Insurance Company is gaining 2.8%. But Clal Insurance Company has lost its earlier positive momentum and is off 0.3% on high turnover. Today the Israeli paper
reported that the company is planning to issue credit cards to its customers, and to this end is negotiating to ally with
Among technology shares, Suny Electronic is hopping 5.3% and Mashov Computers is rising 3.2%.
(Nasdaq:MTLK) is dipping 6% on negative arbitrage gap. Today the company announced it plans to repurchase 500,000 totaling up to $10 million.