Wednesday's session in Tel Aviv is opening with mild gains, the market responding to a possible interest rate cut by Bank of Israel Governor David Klein.

The Maof-25 is climbing 0.47%, the TA-100 is gaining 0.41% and the Tel-Tech is rising 1%.

Market estimates are that Maof players are holding on to a huge base asset, which they are reelasing into the market, leading to rate drops.

Teva Pharmaceuticals (Nasdaq:TEVA) is losing 0.1% on NIS 3.8 million total turnover. In the last few days the share has rallied on news of approval of Lovastatin, expected to yield $2 million in revenues in Q4 this year and $18 million in 2002.

Bank shares are recovering from their last few months on the decline. Bank Hapoalim is rising 0.7%, Bank Leumi is following with a 0.5% climb, and Israel Discount Bank is inching up 0.22%. Mizrahi is climbing highest, up 1.55%.

IDB group shares are also on a northward hike. IDB Holdings is rising 0.6%, IDB Development is climbing 1%, and Discount Investment Corporation is up 0.8%.

Magic Software (Nasdaq:MGIC) opened with a positive 5.3% arbitrage gap, and is now shedding 1.4%. Formula Systems (Nasdaq;FORTY) opened with a negative 1.8% arbitrage gap. It is losing 0.66% this morning.