Tel Aviv stocks have started the week mixed. The most notable action this sluggish morning is in
Bank Leumi (TASE:
), whose employees are selling shares released today from lockup.
The bank's stock is down 1.5% on heavy turnover of NIS 13 million. For comparison, the total turnover so far is NIS 15 million.
Last Wednesday Leumi released its results, which were an embarrassing surprise. The bank's net sank 80% from the parallel quarter, to NIS 77 million, due to climbing provision for doubtful debt. Analysts had expected that Leumi would earn some NIS 150 million.
Investors are shrugging at the Wall Street losses last week. Nasdaq ended Friday down 1.6% but the Dow Jones merely edged down by 0.1%. This morning the Maof-25 index is up 0.1% and the Tel Aviv-100 index is flat. Tech stocks are down 0.1%.
Teva Pharmaceuticals (Nasdaq:TEVA) (TASE:
) began with a positive arbitrage gap of 1.4% and is climbing up 1.2% on low turnover of NIS 1 million.
Holding companies are mixed.
Discount Investment Corporation (TASE:
), which on Thursday reported a loss of NIS 106 million for the second quarter, is inching up on microscopic turnover.
IDB Development Corporation (TASE:
), under the effect of an NIS 58 million loss from its subsidiary
Clal Industries and Investments (TASE:
), reported losing NIS 150 million for the second quarter.
IDB Holding Corporation (TASE:
) reported losing NIS 99 million.
Investors are expected to punish the IDB stocks for their massive second-quarter losses.