TASE turns north at session's end - TheStreet

TASE indices reversed the day's trend around 3:30 p.m. Sunday, going from the earlier down and up fluctuations to climbs of about 1% at the session¿s end.

Maof players who joined the scene with millions of shekels in their pockets are said to have been responsible for the reverse.

The Maof-25 closed up 1.26% after earlier rising by 1.8%. The TA-100 climbed 0.83% and the Tel-Tech gained 0.56%.

The story today was of Makhteshim Agan, which lost 4.1% on NIS 20 million turnover, on news it would post a $15 million to $22 million expense on the decreased value of its Argentinean associates. Its parent company Koor Industries (Nasdaq:KOR) followed with a 1.6% drop on NIS 8 million turnover.

Teva Pharmaceuticals (Nasdaq:TEVA) closed up 0.8% on the highest turnover on the floor of NIS 21 million, in spite of an opening 0.4% negative arbitrage gap.

Nice Systems (Nasdaq:NICE) shed a hefty 3.6%, and Tower Semiconductor (Nasdaq:TSEM) lost 2.8%. On the north end, AudioCodes (Nasdaq:AUDC) rose 2.2% and Elbit Systems (Nasdaq:ESLT) gained a similar 2.3%.

The big banks recovered from their recent plunges. Bank Hapoalim and Bank Leumi both gained 0.5%.

Israel Chemicals closed up 1% after a positive report from Bank Hapoalim analyst Rakefet Levinson, and a target price hike to NIS 5.6% from the previous NIS 5, following expectations the recent shekel devaluation will greatly boost its profits.

Migdal Insurance rose 2.1% despite of downgrade to Hold from Buy by analyst Tamir Kayam. In spite of the share's recent climbs, the analyst does not believe it will outperform the TA-100.

Matav Cable Systems (Nasdaq:MATV) lost 0.5%. TheMarker learned the Dankner Group was considering selling some of its NIS 30 million to NIS 40 million holdings in Matav, in case negotiations with Yes satellite TV don't amount to anything.

Azimuth Technologies rose 6% on unusual NIS 81,000 turnover, on reports of a NIS 1.9 million order of its target detection systems, and a follow-on order from the Turkish Defense Ministry for subsystems and components totaling $1.85 million.