Leading TASE indices were in the red throughout the Wednesday session, trading down anywhere from 0.5% to 1%, but closed at a milder 0.3% dip. The market was affected today by the 1.5% drops on European markets and the central bank governor's announcement he would raise interest rates unless the government adopts fiscal discipline.

The Maof-25 slipped 0.46%, the TA-100 lost 0.4% and the Tel Tech shed 0.43% on total turnover of NIS 250 million. Israel Corporation bonds traded at an unusual NIS 40 million turnover after the company's subsidiary distributed convertible bonds to institutional investors.

Teva Pharmaceuticals (Nasdaq:TEVA) rose 0.11% on NIS 33 million turnover on FDA approval for Fluoxetine, the generic version of Eli Lilly's anti-depressant Prozac. The approval followed the U.S. Supreme Court's decision not to extend the patent period for Prozac. During the session the share gained as much as 1%.

Discount Investment Corporation lost 0.56% and Elron Electronic Industries (Nasdaq:ELRN) shed about 1.3% following negative responses in the U.S. market yesterday to the planned second public offering from their holding, Given Imaging (Nasdaq:GIVN). Bank shares also slid. Bank Hapoalim closed down 1.7%, Bank Leumi lost 0.7%, Israel Discount Bank gained 0.3% on NIS 7.3 million turnover, and Mizrahi Bank gained 0.1%.

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Delek Group rose 0.7% after yesterday raising NIS 140 million in bonds, almost double the planned $75 million. Demand from institutional investors exceeded $260 million.

Partner Communications (Nasdaq:PTNR) lost 4% having opened with a negative 3.4% arbitrage gap. The company yesterday reported its first NIS 54.4 million operating profit in Q4 2001, and an annual 2001 profit of NIS 102.9 million. In 2000 the company posted an operating loss of NIS 540.2 million.

Suny Electronic rose 5% on NIS 3.3 million turnover, completing a 15% increase in two days for no apparent reason. Elbit Systems (Nasdaq:ESLT) also gained 3% on NIS 8.1 million turnover.

Elco Holdings climbed 0.5% on NIS 1.5 million turnover. The company today raised NIS 100 million from institutional investors. Demand for the bond reached NIS 275 million.