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TASE closes Tuesday down 1% on low turnover

Teva climbs on positive UBS Warburg review, AMS Industries soars on $50 million gas meter order

Total turnover on the TASE closed a slim NIS 200 million Tuesday, as leading indices followed the negative Nasdaq trend of last night. Leading indices were down 0.5% throughout most of the session, but plunged deeper late in the day.

The Maof-25 closed down 0.99%, the TA-100 lost 1.06% and the Tel Tech shed 0.38%.

Elco Holdings rose 4.1% on NIS 824,000 turnover in response to news it acquired giant French appliance maker Brandt for $225 million. Elco will thus have a 90% stake in the company, whose sales in 2000 totaled $1.25 billion. Elco subsidiary Elco Industries climbed 6%.

Teva Pharmaceuticals (Nasdaq:TEVA) rose 1.4% on NIS 45 million turnover, the highest on the floor today following a Strong Buy rating and a new target price of $80, 27% higher than its market price, from UBS Warburg.

Compugen (Nasdaq:CGEN), a newcomer to Tel Aviv, slipped 3.6%. AudioCodes (Nasdaq:AUDC) lost 1.1% and Nice Systems (Nasdaq:NICE) shed 1.5 %.

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Unlike them, Elbit Systems (Nasdaq:ESLT) climbed 1.2% today, and Retalix (Nasdaq:RTLX) gained 1.4%.Bezeq lost 2.5% on NIS 17 million turnover on recent reports Gad Zeevi and the banks holding his 20% stake in the company sold some of their shares on the market. The share may have also sunk due to a planned NIS 900 million issue to help finance retirement plans.

The big banks posted drops today. Bank Leumi lost 1.7%, and Bank Hapoalim slid 1.1%. Mizrahi Bank dropped 1%.

Partner Communications (Nasdaq:PTNR) recovered from its 4.5% plunge yesterday with a 0.4% rise on NIS 4 million turnover. It appears Polar Communication, whose stake in Partner today was 3%, was the reason for the drops yesterday. The company sold NIS 19.7 million worth of Partner shares on and off the market, and closed up 1.8% on low turnover, following the capital gain of NIS 19 million due to the sale.

Electronics Line climbed 4.8%, following an agreement to supply NIS 35 million to NIS 56.7 million worth of security systems to one of its bigger Scandinavian customers. The systems are to be supplied over the next three years, with the first year sales target being NIS 8.7 million to NIS 14 million.

AMS Electronics rose 9.9% on NIS 324,000 turnover. The company this morning reported $50 million contract with Nexus Telocation to provide 1.3 million gas meters to an international gas company.

Team Computers rose 2.8% on high NIS 5 million turnover. Its subsidiary TTI leaped 12% last night on estimates it beat Hewlett Packard in a $100 million cellular tender from cellular operator Hutchison.