TASE off just a tick Tuesday mid-day despite interest rate hike, Nasdaq

Tel Aviv stocks are trading just below the flatline, posting mild drops of 0.2% Tuesday mid-day despite larger Wall Street losses on Monday, and the unexpected 0.2% hike in May lending rates announced toward closing yesterday.

The Maof-25 blue chip index and the TA-100 index are each off 0.2%, and technology shares are trading unchanged. Total turnover is a tiny NIS 69 million.

The market is proving resilient despite Bank of Israel Governor David Klein's surprise announcement yesterday that May interest rates will be raised by 0.2%. The strength is also apparent given drops on Wall Street on Monday, when Nasdaq closed off 2.1% and the Dow Jones fell 1.2%.

Dual-listed shares opened with negative arbitrage spreads.

Teva Phamaceuticals (Nasdaq:TEVA) is down 2.1% on the session's biggest turnover, NIS 9.6 million, closing the entire arbitrage spread it opened on Nasdaq on Monday.

Discount Investments is down 1.4%. Cable TV subsidiary Tevel on Monday petitioned Tel Aviv District Court for a stay of liquidation proceedings to protect it from its creditors.

Other IDB groups stocks: IDB Holding Corporation is off 0.2%, IDB Development Corporation is down 0.5%.

Food giant Osem is correcting upward with 0.2% gains. Yesterday, Union Bank of Israel rated Osem a Hold, setting a price target at market price.

Cellular provider Partner Communications (Nasdaq, TASE:PTNR, LSE:PCCD) is up 1.6% on 3% negative arbitrage spread.

Bank Hapoalim is down 0.9%, and Bank Leumi is off 0.6%.

Phone company Bezeq is up 0.2%.