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TASE sliding slightly Tuesday morning

Koor and Partner slipping in spite of positive arbitrage

Leading TASE indices are slipping a tad Tuesday morning amid relatively steady trading.

The Maof-25 is down 0.25%, the Tel Aviv-100 is down 0.13% and the Tel-Tech is gaining a miniscule 0.01%. Turnover is a flimsy NIS 15 million.

Teva Pharmaceuticals (Nasdaq:TEVA) closed last night with a positive 0.1% arbitrage gap. It is now rising 0.4% on NIS 2 million turnover, the highest on the floor.

Two dual-listed shares are sliding. Koor Industries (Nasdaq:KOR) is losing 1.8% and Partner Communications (Nasdaq:PTNR) is shedding 1.6%. Elbit Medical Imaging (Nasdaq:EMITF) on the other hand is losing 2.3%.

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Elbit (Nasdaq:ELBT) is losing 0.7% in addition to its 1.5% slip last night on announcing a $4 million write-off after Cell Data, in which it had a 14.3% stake, closed its doors.

Makhteshim Agan is unchanged at the moment. The company will raise NIS 50 million in A series bonds tomorrow. The bonds are already traded on the TASE and carry a dollar-linked interest of 2.5%.

Tower Semiconductor (Nasdaq:TSEM) will also issue $22 million worth of bonds and options today. Estimates are the seven-year bonds will bear as much as a 10% yield. The conversion premium on the bonds is 19%. Every unit of 200 bonds will include four options at an NIS 30 sell price.

Tower's share is also unchanged.