Tel Aviv's leading indices are gaining a little momentum on Wednesday morning after opening flat as a pancake. But the session is dull and turgid, with mid-morning total volume of only NIS 27 million

The mild gains in Te Aviv follow a 1.9% increase on Nasdaq yesterday after three days of losses.

Both the Maof25 blue chip index and TA-100 index are rising by 0.3%, the Maof-25 to 473.8 points and the TA-100 to 458.8 points. The Tel-Tel index is up a somewhat more decisive 0.6% to 334 points.

Teva Pharmaceuticals (Nasdaq:TEVA) has regained its position as the liveliest stock on the floor, losing 0.9% on high early volume of NIS 4.9 million, following a negative arbitrage gap opened against Nasdaq.

Investec General Bank is prominent this morning with a 5.6% hop on unusually high volume - everything being relative - of NIS 2.2 million. Investec was exceptionally active yesterday, rising 9.2% on volume of NIS 2.6 million. Nobody is proffering explanations for the unusual activity in the stock.

Another jumper is Mishkan - Hapoalim Mortgage Bank, climbing 5.7% after

Maariv

reported that parent company Bank Hapoalim is in advanced negotiations to merge Mishkan activities with that of Hapoalim. The story said the merger is due in the next few months. Mishkan - to merges it activities with Bank Hapoalim, Shares of Mishkan open up 6%

Arbitrage stockes are trading this morning with a pleasant swell, leading the pack are shares of Magic Software Enterprises (Nasdaq:MGIC) up 13.4%, Retalix(Nasdaq:RTLX) up 5.1% in spite of a negative arbitrage spread of 4.6% with Nasdaq.

Koor Industries (NYSE:KOR) were up 3% over an equivalent rise in New York. But on the other hand shares of Matav Cable Systems Media (Nasdaq:MATV) are losing 0.5% over a 1.2% negative gap with Nasdaq.

Shares of Tower Semiconductor (Nasdaq:TSEM) began trading in Tel Aviv today as an arbitrage stock. Shares are up 3.3% on volume of NIS 97,000.