The Tel Aviv Stock Exchange is opening up 1% at the start of trading, on NIS 10 million turnover, on shekel gains in Friday's foreign currency and today's options market. The representative dollar was set Friday at NIS 4.916, helping TASE buck Wall Street's continued slide at the end of the week.

The Maof-25 blue chip index is up 1.2% to 386.1 points and the TA-100 is up 0.8% to 376 points. The Tel-Tech is edging up 0.1%.

Teva (Nasdaq: TEVA), which opened with 1.2% positive arbitrage, is up 1% on NIS 5 million volume, the highest on the floor. The share is still riding positive momentum from good financials and a string of FDA approvals.

The banks are opening the day in the green after publishing financials last week. Bank Leumi is up 1.2% and Bank Hapoalim is up 0.7%. Discount Bank is up 0.9% and Mizrahi is gaining 0.7%. Only First International Bank is trading unchanged.

Formula (Nasdaq: FORTY) is posting a 4.6% gain on NIS 240,000 turnover. The company reported today eking out some black ink with a tiny $292,000 profit for Q1 2002. In 2002, the company lost $52.5 million, $13.2 million of which came in Q1.