Maof opens up 1%; Magal adds on another 6.5%
Trade in Tel Aviv opened on moderate 0.7% gains on the possible convention of an international conference on the Middle East. Warnings of terror attacks during Memorial and Independence Day festivities and the fact that there will be no trading on the two holidays, preventing any response to security events, are keeping investors wary of entry into shares. The March consumer price index will be published this afternoon, with expectations at a 0.6% rise.
The Maof index is up 0.87% to 391.71 points and the TA-100 is up 0.6% to 377.89 points. Tech shares are up 0.7%. Turnover is a slight NIS 7 million.
Bank Hapoalim is gaining 0.95%. It was reported today that as opposed to the bank's own reports, it has fallen below the 9% minimum capital ratio. According to a news item in Ha'aretz this morning, the ratio of shareholders equity to risk is now 8.96%.
The difference stems from the bank¿s inclusion of deferred capital notes it issued in December 2001 despite a previous agreement with the Supervisor of Banks that capital from the notes would not be included. In addition, the Antitrust Commissioner opposes the planned merger of IBI Underwriting with Poalim Capital Markets.
Magal Security Systems (Nasdaq:MAGS) is riding yesterday's upward momentum and adding a 6.5% gain to yesterday¿s 21%. The share leapt on Nasdaq on Friday on estimates the company would be chosen to construct the proposed security fence between Israel and the Palestinians, similar to the fence the company built on Israel's northern border.
Bank Leumi is gaining 0.6% this morning. The market estimates that the process of selling Bank Leumi shares on the exchange will take longer than planned. The public offering was originally scheduled for May, the last date shares can be issued based on 2001 financial reports, but apparently will be later.
IDB group shares are climbing on news Kardan is renewing talks to bring a new partner into the IDB deal instead of the Australian Lowy family. Apparently, the deal will be closed at a lower valuation than the original agreement, which valued IDB at $1.3 billion. IDB Holdings is up 1.43%, IDB Development is opening up 0.9% and Discount Investments is stable on a 0.1% gain.
Africa Israel is down 0.22%. It was reported today the company is negotiating to buy a Holiday Inn in Amsterdam for $60 million. The acquisition could be made through subsidiary Africa Hotels, which holds the franchise to operate Holiday Inns in Israel.
